Bunzl Regulatory News (BNZL)

24 February 2020

BUNZL MAKES FURTHER ACQUISITONS IN BRAZIL AND DENMARK

Bunzl plc, the specialist international distribution and services Group, today announces two further acquisitions in Brazil and Denmark.

Medcorp, a distributor of healthcare related products based in Sao Paulo, was acquired at the end of January. It is principally engaged in the supply of a broad range of consumable medical products, particularly those used for dialysis and vascular access. Customers include leading private hospitals and clinics in Sao Paulo and redistributors elsewhere in Brazil. Revenue in the year ended 31 December 2019 was R$57m (c.£11 million).

The Company also announces that it has recently entered into an agreement to purchase ICM, a distributor of personal protection equipment to both end users, including a number operating in the wind energy sector, and redistributors in Denmark. Revenue in the year ended 31 December 2019 was DKK410 million (c.£48 million). Completion of the acquisition, which is subject to clearance of the transaction by the Danish competition authority, is expected to take place at the end of March.

Commenting on the acquisitions, Frank van Zanten, Chief Executive Officer of Bunzl, said:

"The purchase of Medcorp has expanded our existing healthcare business in Brazil and complements and strengthens our product offering in this sector. The proposed acquisition of ICM will broaden our customer base in the important safety sector in Denmark. The acquisition pipeline is promising and a number of discussions with potential targets are ongoing."

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