Bunzl PLC
13 July 2007
13 July 2007
BUNZL TO EXPAND IN THE BENELUX
Bunzl plc, the international distribution and outsourcing Group, today announces
that it has entered into an agreement to acquire King Benelux Holding BV from
Ergon Capital Partners, its majority shareholder, and other private investors.
Based in the Netherlands, King Benelux and its subsidiaries are principally
engaged in the distribution of products to the healthcare and contract cleaning
sectors in the Netherlands and the foodservice, retail and healthcare sectors in
Belgium. The existing management team will remain with the business.
Pro forma revenue of King Benelux for the year ended 31 December 2006 (including
the full year revenues for 2006 of companies it has acquired during 2006 and
2007) was €125 million. Completion of the acquisition is subject to clearance
from the relevant competition authority. The gross assets to be acquired are
estimated to be €58 million.
Commenting on the acquisition, Michael Roney, Chief Executive of Bunzl, said:
'King Benelux is an important strategic acquisition since it will not only
expand our successful business in the Netherlands into the healthcare and
contract cleaning sectors but will also provide a significant business in
Belgium where we do not currently have operations. I look forward to welcoming
each of the companies and their employees to Bunzl.'
Werner Meuleman, Managing Director of King Benelux, added:
'We are very enthusiastic about joining Bunzl as we believe the combination with
Bunzl's business in the Benelux will enable us to provide a broader product
range and an even better service to our customers and more business
opportunities for our suppliers.'
Enquiries:
Bunzl plc Tulchan
Michael Roney, Chief Executive David Allchurch
Brian May, Finance Director Stephen Malthouse
Tel: 020 7495 4950 Tel: 020 7353 4200
This information is provided by RNS
The company news service from the London Stock Exchange
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