Packaging and label company Macfarlane Group UK has announced the acquisition of 100% of Barum and Dewar Group (B&D), a specialist protective packaging business.

The deal has been finalised for a maximum cash consideration of approximately £3.85m ($4.67m).

This amount includes an earn-out of up to £0.55m, which is based on the agreed profit growth target over one year.

According to Macfarlane, the entire consideration is being financed through its available £35m bank facility.

The latest acquisition further supports the strategy of Macfarlane to strengthen its protective packaging business by utilising a combination of organic, as well as acquisitive, growth.

Macfarlane CEO Peter Atkinson said: “B&D is an excellent business servicing high-quality customers in attractive growth sectors and complements Macfarlane’s existing specialist protective packaging activities.

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“We look forward to working with the team at B&D to support its continued growth.”

Based in the south of England, B&D specialises in providing end-to-end services for the design, development, and manufacture of packaging solutions.

It currently employs 15 staff members and supplies customers from various growing sectors such as the aerospace, defence, healthcare, and logistics industries.

B&D serves its clients mainly from its facility in Southampton.

It registered sales of approximately £2.6m for the full year ending on 31 December 2022.

In that same period, B&D recorded adjusted earnings before interest, taxes, depreciation, and amortisation of roughly £0.5m, with a strong year-to-date growth anticipated in 2023.

To further enhance its protective packaging portfolio, Macfarlane Group UK acquired Gottlieb Packaging Materials in a £3.55m deal earlier this year.