Polyformes protective packaging manufacturer and Europe’s largest foam fabrication and converter company has been acquired by the Macfarlane Group in a deal worth some £11.5m.
Whilst Polyformes range of products sees them produce anything from yoga mats, mouse mats, promotional prints and branded foam products. Its protective packaging is used in industries ranging from Audio Visual for packing film equipment, for supplying seats to airlines, protective cases for scientific and medical instruments and much more including to the Construction, Electronics, Industrial, Engineering and Defence markets.
Macfarlane Group PLC is a packaging company headquartered in Glasgow, Scotland and has annual revenues in excess of £250m and is a leader in packaging distribution that provides protective packaging products and services to businesses throughout the UK, Ireland and Continental Europe. Macfarlane Group’s key market sectors are eCommerce, Third Party Logistics, Manufacturing, Retail, Industrial, Automotive, Electronics, and Aerospace.
Macfarlane Group UK Ltd, a subsidiary of the group business acquired Polyformes for a maximum cash consideration of £11.5m, including an earn-out of up to £4.8m based on agreed profit growth targets over two years. It is understood that Polyformes 60 employees, including its three directors, will all remain with the group following the acquisition, at their Leighton Buzzard factory in Bedfordshire.
Peter Atkinson, chief executive of Macfarlane, said: “Polyformes is a profitable, growing, well invested company with an experienced management team that is fully committed to the business.
“We look forward to working with the team at Polyformes to support its continued growth and develop opportunities for us to work together to provide our customers with a broader portfolio of protective packaging solutions.”
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