Macfarlane Group plc has acquired Wolverhamton based Network Packaging Ltd for £7.5m.
BDO LLP in Birmingham were the lead advisers to Network Packaging Ltd, led by M&A Partner Roger Buckley, demonstrating how the Birmingham office is helping local firms achieve the best outcome for their businesses.
Browne Jacobson LLP were legal advisers led by Corporate Finance Partner Roger Birchall and assisted by Associate Tina Robinson.
From the Macfarlane Group plc release:
“Network Packaging was established in 1997 and is based in Wolverhampton. It has strong customer relationships both in the third-party logistics sector and internet retail and will strengthen Macfarlane’s existing Packaging Distribution activities in the Midlands. The directors of Network Packaging who form its management team will remain with the business post-completion and have agreed service contracts covering the Earnout Period. The SPA also includes provisions restricting the sale of any of the Ordinary Shares issued to them as part of the initial consideration in that period.
“Network Packaging made an operating profit of £0.8 million on turnover of £7.8 million in the financial year to 31 December 2013 (audited).”