Bunzl agrees to acquire Brazil based safety business and completes safety acquisition in Denmark
Bunzl plc, the specialist international distribution and services Group, today announces that it has recently entered into an agreement to purchase SP Equipamentos, a leading personal protection equipment distributor based in Sao Paulo, Brazil, with revenue in 2019 of BRL143 million (c.£22 million). SP Equipamentos supplies a broad range of safety products to customers across a number of markets, including the mining, steel, construction and agriculture sectors. Completion of the acquisition is expected to take place at the end of November.
In addition, and further to the announcement issued on 24 February 2020, Bunzl plc also announces that it has now completed the acquisition of ICM, a distributor of personal protection equipment to a variety of customers in Denmark, including a number operating in the wind energy sector. ICM generated revenue in 2019 of DKK410 million (c.£49 million).
Commenting on the acquisitions, Frank van Zanten, Chief Executive Officer of Bunzl, said:
“These two acquisitions will further expand and develop our safety businesses in Brazil and Denmark, complementing our product offering and broadening our customer base in both markets. Growth through acquisitions continues to be an important part of the strategy of the Group and I am pleased that year to date our committed acquisition spend totals more than £400m. Our acquisition pipeline remains promising with a number of discussions ongoing.”