18th Nov 2021 12:16
(Alliance News) - Bunzl PLC on Thursday said it has acquired a personalised workwear provider, while also sealing the buy of insulated packaging firm Hydropac.
The London-based distribution and outsourcing company acquired Workwear Express, a Durham,-based business specialising in personalised workwear and promotional clothing with a "strong" e-commerce focus.
The company stated that Workwear Express generated GBP29 million revenue in the year to March 2021. Bunzl completed the acquisition towards the end of October.
Bunzl also said it completed the acquisition of Hydropac, a Buckinghamshire-based distributor of insulated packaging solutions, in early November. The online food delivery-focused business generated GBP7 million revenue in 2020 and is "complementary" to Bunzl's Coolpack business in the Netherlands.
"The acquisitions of Workwear Express and Hydropac represent our 12th and 13th acquisitions this year, with our committed spend year to date higher than our spend in 2020, making it another successful year and one of the most acquisitive years in our history. The acquisitions demonstrate the opportunities for growth in digital channels, with Workwear Express a strong online driven business and Hydropac a specialist in packaging products that support online-focused customers," Chief Executive Frank van Zanten.
It did not disclose a consideration for either transaction.
Bunzl shares were up 0.8% at 2,809.00 pence each on Thursday afternoon in London.
By Abby Amoakuh; [email protected]
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