Bunzl snaps up German and Canadian firms as profits jump to £634m
Outsourcing specialist Bunzl revealed it had snapped up two businesses in Germany and Canada today as it reported a jump in pre-tax profits for the full year.
The London-listed firm said this morning it had acquired acquire Arbeitsschutz-Express, a German online workwear and PPE seller in Germany, as well as Capital Paper, a distributor of consumables, cleaning supplies, and industrial packaging products in Canada.
Bosses at Bunzl said Arbeitsschutz-Express generated £35m revenue last year and marks up a ramping up of its exnapnsion efforts after the acquisition of Hygi.de in July last year.
Bunzl chiefs said that the Canadian acquisition of Capital Paper “strongly complements” its existing business in Canada, after the firm boasted revenues of £16m last year.
“I am pleased to be welcoming two new businesses into the Bunzl family today,” said Bunzl chief Frank van Zanten. “Arbeitsschutz-Express, combined with our acquisition of hygi.de in 2022, will more than double our presence in the German market, with considerable further opportunity remaining. Furthermore, Canada Paper is highly complementary to our Canadian business and expands our offering in the region.”
Bunzl has been on an acquisition push and van Zanten said it was was now eyeing further acquisitions in the near future.”
“Our pipeline is active, and we see significant opportunities for continued acquisition growth in our existing markets where we have opportunity to increase our presence, as well as potential to expand into new markets,” he added.
The comments came as Bunzl reported a 11.6 per cent boost in pre-tax profits to £634.6m for the full year.
Revenue across the firm rose 9.8 per cent at constant exchange rates, which it said was driven by product cost inflation, volume recovery in the first half and growth from acquisition.
Shareholders are also in line for a 30th consecutive rise in dividend payouts, with the board recommending a 2022 final dividend of 45.4p per share, up ten per cent last year,