LONDON, UK: Bunzl plc, the international distribution and services Group, has announced the acquisition of two safety businesses in Brazil and Spain, bringing its total number of acquisitions since 2004 to 200. The Group said the deals enhance its offering in the safety sector and are margin accretive.
The Group agreed to buy Leal Equipamentos de Proteção, a specialised safety distributor in Brazil with a strong own brand portfolio, in May 2023. The business generated revenue of BRL 216 million (c.£34 million) in 2022 and complements Bunzl’s existing safety businesses in Brazil. The acquisition is subject to competition authority clearance.
The Group also acquired Irudek, a distributor of safety and personal protective equipment, specialising in fall protection equipment in Spain, in April 2023. The business generated revenue of EUR 17 million (c.£15 million) in 2022 and has a similarly strong own brand portfolio.
Frank van Zanten, Chief Executive Officer of Bunzl, said: “I am very pleased to welcome these two businesses to the Bunzl family, both of which expand our offering within the safety sector, have strong own brand portfolios, and are margin accretive to the Group. Leal meaningfully increases our exposure to the attractive industrial sector in Brazil, whilst Irudek broadens our specialism in Spain to include fall protection.
Bunzl has now announced 200 acquisitions since 2004, driving approximately two thirds of our revenue growth over the last 10 years. This is a significant milestone to have reached and demonstrates our ability to successfully execute and integrate value accretive acquisitions as part of our compounding growth strategy. Our pipeline is active and our balance sheet remains strong, and we see significant opportunities for further acquisition growth to supplement our resilient organic growth.”
Bunzl plc announces sale of its UK healthcare division; acquisitions
