Bunzl acquires catering equipment giant Nisbets and Finnish distributor Pamark for £339m

LONDON, UK: Bunzl plc, a leading international distribution and services Group, has agreed to buy an 80% stake in Nisbets and its related businesses for £339m in cash. Nisbets is a well-known omni-channel supplier of catering equipment and consumables in the UK & Ireland, Northern Europe and Australasia, with a large product portfolio and many own-brand products.


The company has more than 1,800 staff and a strong management team that will stay with the Group after the deal, along with founder Andrew Nisbet as a non-executive director and his family as minority shareholders.

Nisbets had a revenue of £4981 million and a profit before interest, tax and amortisation of £40.2 million on a pro-forma basis1,2 and total gross assets of £2421 million for the year ended 31 December 2023.

Bunzl may pay an extra earn-out amount depending on Nisbets’ financial performance in 2024. The deal also includes put / call options that allow Bunzl to buy the remaining 20% stake in the future at a price based on Nisbets’ financial performance at the time of option exercise, subject to certain conditions.

The deal is subject to customary regulatory approvals and a further announcement will be made after completion. The deal will be funded using the Group’s existing cash resources and existing debt facilities, and is expected to boost EPS significantly in the first full year after completion.

In January, the Group agreed to buy its first business in Finland, Pamark. This key acquisition in Finland is expected to complete later this month and will expand the number of countries in which Bunzl operates to 33. Pamark is a leading supplier of cleaning & hygiene, healthcare, foodservice and safety products to a wide range of private and public sector customers in Finland. The company had a revenue of EUR 56 million (c.£49 million) in 2023.

Commenting on the acquisitions, Frank van Zanten, Chief Executive Officer of Bunzl, said: “The acquisition of Nisbets is an exciting step for Bunzl. Andrew Nisbet has built a high-quality business, with a well-respected management team. The business is complementary to our operations in the catering equipment sector and will enhance our own brand offering and digital capabilities.

Pamark is our first acquisition in Finland and provides us with a strong platform from which to grow our presence across multiple end market segments in the country, supporting further expansion of our footprint in the Nordic region. This is an excellent start to 2024, maintaining the strong acquisition momentum of recent years. Our pipeline remains active, supported by the strength of our balance sheet.”


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