Tue, 04 Jan 2022 | BUSINESS SALE
Glasgow-based protective packaging firm Macfarlane Group has announced that it has sold its specialist labels division to flexible packaging and labels manufacturer Reflex Group for £6.4 million. Macfarlane Labels, which designs and prints resealable and self-adhesive labels, reported turnover of £15.4 million and gross profits of £4.8 million in the year ending December 31 2020.
Macfarlane revealed that 95 per cent of the purchase price was paid upon the deal’s completion, while the remaining balance will be payable within the coming three months.
According to Macfarlane, the purchase price “broadly aligns” with the labels business’ net asset value. Post-sale, the proceeds will be strategically invested in the continued growth of Macfarlane’s protective packaging business.
Macfarlane’s protective packaging business operates a growth strategy encompassing both organic growth and a buy and build acquisition drive. The proceeds of the sale mean the business is well placed to deliver growth and target new acquisition opportunities in the UK and Europe.
Macfarlane Group Chief Executive Peter Atkinson said: "Macfarlane Labels has been a long-standing part of the group. We believe that its sale to Reflex, with their well-established position and scale in the labels market, creates the best opportunity for Macfarlane Labels to develop.”
"The sale will allow the group to focus resources on growing our protective packaging businesses both in the UK and Europe."
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