Bunzl continues European expansion with two new buys in September

(Alliance News) - Bunzl PLC on Wednesday said it closed two new acquisitions in September, with each of the target companies generating around GBP5 million in revenue.

The London-based distribution and services company has purchase Caterline Catering Equipment Ltd, a commercial distributor in Ireland and Northern Ireland, as well as Anta y Jesus SLU, a Spanish cleaning and hygiene products distributor.

Anta and Caterline each generated revenue of about EUR6 million, or GBP5 million, in 2024, Bunzl said, though it did not provide financial details of the deals. Both purchases expand on the London firm's existing portfolios of catering and cleaning & hygiene.

Bunzl noted that Anta specifically improves its footprint, supported by recent purchases such as Quindesur, a Spanish distributor of foodservice and cleaning & hygiene products, which in 2024 generated revenue of EUR14 million, around GBP12 million.

"I am pleased to announce our sixth and seventh acquisitions of the year today," commented Chief Executive Frank van Zanten.

"These are good examples of the significant opportunities we see for continued acquisition growth in our existing markets. Our acquisition pipeline remains active."

Bunzl shares traded 1.4% lower at 2,426.00 pence on Wednesday morning in London, having fallen 30% in the last 12 months.

Back in August, the firm resumed its buyback programme as it posted first-half results broadly in line with expectations. Buybacks until then had been suspended on an April profit warning.

Bunzl reported an 11% decline in pretax profit for the six months ended June 30 to GBP250.1 million from GBP279.4 million a year earlier. The operating profit margin fell to 7.0% from 8.0%, but the firm predicted that this would moderate in the second half for annual performance in line with its guide.

By Holly Munks, Alliance News reporter

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