Packaging company Macfarlane Group UK (Macfarlane) has acquired a 100% share of protective packaging supplier Gottlieb Packaging Materials (Gottlieb).

The transaction is valued at £3.55m ($4.43m), which includes an earn-out of up to £800,000 subject to the agreed profit growth targets over two years.

Based in the North-West of England, Gottlieb specialises in providing protective packaging products to customers across a wide range of sectors.

The company reported total sales of £4.5m and earnings before interest, taxes, depreciation and amortisation and pre-tax profits of £700,000 in the fiscal year ending 31 December 2022.

Gottlieb operates warehouse facilities in Manchester and employs a small team of 15 people, including two directors.

The acquisition highlights Macfarlane’s strategy to expand its protective packaging business through an organic acquisition strategy to naturally enhance its stakeholders’ value.

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Meanwhile, Gottlieb’s customers will also benefit from the deal through Macfarlane’s range of protective packaging products and services.

Macfarlane CEO Peter Atkinson said: “Gottlieb is a well-run, successful protective packaging distributor with an experienced management team.

“The acquisition of Gottlieb complements the recent opening of our new distribution facility in Heywood and further strengthens our ability to serve customers in the North-West of England. We look forward to working with the team at Gottlieb to support its continued growth.”

Headquartered in Glasgow, Scotland, Macfarlane operates across 37 locations in the UK, Ireland, Germany and the Netherlands.

The company plans to fund the current acquisition through its existing £30m bank facility.