Bunzl PLC Acquisition (2386K)
December 20 2022 - 2:00AM
UK Regulatory
TIDMBNZL
RNS Number : 2386K
Bunzl PLC
20 December 2022
20 December 2022
BUNZL ANNOUNCEMENT REGARDING ACQUISITIONS AND DISPOSAL
Bunzl plc, the specialist international distribution and
services Group, today announces that it has signed agreements to
acquire four businesses and agreed to the sale of its UK healthcare
division. Together, these transactions are expected to be profit
neutral to the Group and will generate a small cash inflow. They
reflect Bunzl's ongoing discipline around returns focused capital
allocation and portfolio optimisation.
The Group has agreed to the sale of its UK healthcare division
to Mediq. In 2021, the UK healthcare division generated GBP216
million of revenue.
The Group remains focused on expanding its specialist healthcare
business and in November completed the acquisition of Toomac
Ophthalmic & Solutions, a distributor of ophthalmology products
in New Zealand. In the 12 months to March 2022 the business
generated revenue of NZD 11 million (c.GBP6 million). In October,
Bunzl also signed an agreement to acquire GRC, an exclusive
distributor of innovative medical technology devices in Australia
with revenue of AUD 4 million (c.GBP3 million) in the 12 months to
June 2022. Both businesses specialise in surgical products and
broaden the offering in Bunzl's healthcare business in the region,
which has expanded significantly over the last two years.
In October, Bunzl also completed the acquisition of VM Footwear,
a distributor of Personal Protection Equipment based in Czech
Republic, specialising in own brand footwear throughout Central
Eastern Europe and providing an entry into this category in the
region. In the year to June 2022 the business generated CZK 366
million (c.GBP13 million) of revenue.
Furthermore, in November Bunzl completed the acquisition of PM
Pack, a distributor of packaging products in Denmark, mainly
focused on food processor customers. The acquisition strengthens
the Group's foodservice offering in Denmark and in the year to
September 2022 the business generated revenue of DKK 142 million
(c.GBP16 million).
Frank van Zanten, Chief Executive Officer of Bunzl, said:
"Today's announcement reflects Bunzl's commitment to optimal
capital allocation across the Group. The announced acquisitions are
highly complementary, expand our product offering in each country,
and all achieve double digit margins, with their profits offsetting
the expected profit contribution from the announced disposal. I
would like to offer a warm welcome to all the teams from the newly
acquired businesses to the Bunzl family.
I want to thank our departing colleagues for all the
contributions they made as part of Bunzl, particularly most
recently for their incredible dedication to supporting customers
during the pandemic. I wish the whole team the very best for the
future."
Enquiries:
Bunzl plc Tulchan
Frank van Zanten, Chief Executive Martin Robinson
Officer Olivia Peters
Richard Howes, Chief Financial Tel: +44 (0)20 7353 4200
Officer
Sunita Entwisle, Head of Investor
Relations
Tel: +44 (0)20 7725 5000
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END
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