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29 Aug 2023 07:00
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29 August 2023
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BUNZL ANNOUNCES FIRST ACQUISITION IN POLAND AND AN ACQUISITION IN THE NETHERLANDS
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Bunzl plc, the specialist international distribution and services Group, today announces that it has signed an agreement to acquire a business in Poland, and also acquired a business in the Netherlands. The acquisition in Poland is the Group's first in the country and, upon completion, will increase the number of countries that Bunzl operates in to 32.
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In July, Bunzl signed an agreement to acquire Safety First, one of the largest distributors of Personal Protective Equipment products in Poland to a range of end markets. This is Bunzl's anchor acquisition in Poland, achieving our first entry into the country, which has been a key target for expansion. Safety First generated PLN 121 million (c.Ā£22 million) of revenue in 2022. Completion of the acquisition is subject to competition authority clearance.
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Also in July, Bunzl acquired EcoTools.nl, a Netherlands based specialist online distributor of tool accessories and industrial consumables to customers across the Benelux region. In 2022, this high growth business generated revenue of EUR 20 million (c.Ā£17 million) with very high double digit margins. The acquisition increases the Group's exposure to fast-growing, specialist online distributors.
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Commenting on today's announcement, Frank van Zanten, Chief Executive Officer of Bunzl, said:
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"I am pleased to announce two more additions to the Bunzl family today, taking our total to twelve acquisitions announced so far this year. I am particularly pleased that the acquisition of Safety First will be Bunzl's first in Poland, increasing the total number of countries that we operate in to 32. EcoTools is a fast-growing online distributor, which complements other online-focused businesses within our portfolio and further strengthens the Group's digital capabilities.
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Our acquisition momentum has been strong this year and our total committed spend year-to-date is now more than Ā£350 million. We have significant headroom to continue to self-fund value-accretive acquisitions and our pipeline remains active."
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Enquiries:
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Bunzl plc Frank van Zanten, Chief Executive Officer Richard Howes, Chief Financial Officer Sunita Entwisle, Head of Investor Relations Tel: +44 (0)20 7725 5000 | Teneo Martin Robinson Olivia Peters Tel: +44 (0)20 7353 4200 |
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