LONDON (Alliance News) - Packaging and labels company Macfarlane Group PLC on Tuesday said it has purchased packing business Edward McNeil Ltd for up to GBP1.8 million, strengthening its presence in Scotland.
Edward McNeil, based in Glasgow, is a regional distributor of protective packaging materials with 12 employees and generated GBP3.6 million revenue in the year to December 31.
Mcfarlane will pay up to GBP1.8 million from its existing borrowing facilities for the business, it said, with the deferred consideration of GBP150,000 payable in the next twelve months, based on certain working capital targets.
"Edward NcNeil 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," said Macfarlane Chief Executive Peter Atkinson.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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Macfarlane Grp. (MACF)