{"id":9219,"date":"2023-03-07T04:57:12","date_gmt":"2023-03-07T04:57:12","guid":{"rendered":"https:\/\/cpmirror.com\/?p=9219"},"modified":"2023-03-07T04:57:12","modified_gmt":"2023-03-07T04:57:12","slug":"macfarlane-group-plc-acquires-specialist-protective-packaging-business-suttons","status":"publish","type":"post","link":"https:\/\/cpmirror.com\/index.php\/2023\/03\/07\/macfarlane-group-plc-acquires-specialist-protective-packaging-business-suttons\/","title":{"rendered":"Macfarlane Group PLC acquires specialist protective packaging business Suttons"},"content":{"rendered":"\n<p>Macfarlane Group PLC (\u201cMacfarlane\u201d) is pleased to announce the acquisition of A.E. Sutton Limited, trading as Suttons Performance Packaging (\u201cSuttons\u201d), a specialist protective packaging manufacturing business based in Cambridgeshire.&nbsp; The earnings enhancing acquisition is in line with Macfarlane\u2019s declared strategy of building its protective packaging business through a combination of organic and acquisitive growth.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Strategic highlights<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Founded in 1962, Suttons supplies specialist protective packaging to customers in the medical, electronics and industrial sectors, throughout England, from its manufacturing facilities in Chatteris, Cambridgeshire.<\/li>\n\n\n\n<li>There are significant opportunities for both Suttons and Macfarlane to benefit from access to their respective industry expertise, ranges of bespoke protective packaging products and common supplier base.<\/li>\n\n\n\n<li>Suttons has an experienced team of 55 employees, including its two directors who will both remain with the Group following the acquisition.<\/li>\n\n\n\n<li>This earnings accretive acquisition demonstrates Macfarlane\u2019s comprehensive \u2018buy and build\u2019 strategy in delivering further stakeholder value.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Transaction details<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Macfarlane\u2019s wholly-owned subsidiary, Macfarlane Group UK Limited, has acquired 100% of Suttons for a maximum cash consideration of \u00a39.0 million (including an earn-out of up to \u00a32.5 million based on agreed profit growth targets over two years).<\/li>\n\n\n\n<li>A further adjustment is due for net assets in excess of \u00a31.0 million with the expected net assets on completion being \u00a35.7 million, including \u00a35.0 million of net cash.<\/li>\n\n\n\n<li>The consideration is being financed entirely from the Group\u2019s existing \u00a330.0 million bank facility.<\/li>\n\n\n\n<li>For the year ended 31 March 2022, Suttons generated sales of \u00a37.4 million, EBITDA of \u00a31.1 million and pre-tax profits of \u00a30.9 million.<\/li>\n<\/ul>\n\n\n\n<p>Peter Atkinson, Chief Executive of Macfarlane, said:<\/p>\n\n\n\n<p>\u201cSuttons is a profitable, well invested company with an experienced management team that is fully committed to the business going forward.&nbsp; The acquisition is being funded using our existing bank facility and will be earnings enhancing.&nbsp; We look forward to working with the team at Suttons to support its continued growth and develop opportunities for us to work together to provide all our customers with a broader portfolio of protective packaging solutions.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Macfarlane Group PLC (\u201cMacfarlane\u201d) is pleased to announce the acquisition of A.E. Sutton Limited, trading as Suttons Performance Packaging (\u201cSuttons\u201d), a specialist protective packaging manufacturing business based in Cambridgeshire.&nbsp; The earnings enhancing acquisition is in line with Macfarlane\u2019s declared strategy of building its protective packaging business through a combination of organic and acquisitive growth. Strategic<\/p>\n","protected":false},"author":1,"featured_media":9220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65],"tags":[773],"class_list":{"0":"post-9219","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-corrugated-folding-carton","8":"tag-macfarlane-group"},"_links":{"self":[{"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/posts\/9219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/comments?post=9219"}],"version-history":[{"count":1,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/posts\/9219\/revisions"}],"predecessor-version":[{"id":9221,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/posts\/9219\/revisions\/9221"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/media\/9220"}],"wp:attachment":[{"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/media?parent=9219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/categories?post=9219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/tags?post=9219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}