Packaging distribution business Macfarlane Group plc has bought Scotland-based Edward McNeil Ltd. in a deal worth up to 1.95 million pounds ($2.8 million).
Edward McNeil is based in Glasgow and has traded for more than 50 years. It currently has 12 employees and is an established regional distributor of protective packaging materials including gift bags and polythene carriers. In the 2015 fiscal year, it had sales of around 3.6 million pounds ($5.2million).
Macfarlane will pay up to 1.8 million pounds ($2.6 million) for the business, with the deferred consideration of 150,000 pounds ($217,400) payable in the next 12 months, based on achieving certain working capital targets.
Macfarlane CEO Peter Atkinson, said: “Edward McNeil is a successful business with a high quality customer base who benefit from excellent customer service levels.
“The business has a good team, who will complement the Macfarlane Packaging Distribution business based in Linwood and strengthen Macfarlane's presence in Scotland.”
Edward McNeil managing director Samuel Kingsley, said: “I am delighted that our packaging business has been acquired by Macfarlane. The acquisition will create opportunities to develop the business in the coming years.”
