Macfarlane Group PLC has confirmed the acquisition of The Pitreavie Group Limited for a maximum cash consideration of £18.0m, including an earn-out of up to £4.0m over two years.
The consideration is being financed from Macfarlane’s existing bank facility. The Group continues to operate well within its recently-improved banking facility of £40m and related covenants, which are committed until November 2027.
“Pitreavie is a fast-growing, well-invested company with an experienced management team that is fully committed to the business. The acquisition represents an exciting opportunity to grow our business in Scotland and provide in-house supply to our businesses in the North of England,” said Peter Atkinson, Chief Executive, Macfarlane. “We look forward to working with the team at Pitreavie 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.”
