Packaging specialist, Macfarlane Group, has acquired Edward McNeil
Supplier of protective packaging, Macfarlane Group, has acquired manufacturer of polythene products, Edward McNeil, as it continues to develop its packaging distribution business in the UK.
Edward McNeil, based in Glasgow, has traded for over 50 years. It currently has 12 employees and is an established regional distributor of protective packaging materials. In the year to 31 December 2015 the business generated sales of c£3.60m.
Macfarlane will pay up to £1.80m for the business from existing borrowing facilities, with the deferred consideration of £0.15m payable in the next twelve months, based on certain working capital targets.
The business has a good team, who will complement the Macfarlane Packaging Distribution business based in Linwood and strengthen Macfarlane’s presence in Scotland,” Peter Atkinson, Chief Executive of Macfarlane commented.
Samuel Kingsley, Managing Director of Edward McNeil Limited, 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.”