A & G Holdings owns Gottlieb Packaging Materials which is valued at £3.55 million.
Gottlieb is based in England and specialises in suppling protective packaging materials and the company’s existing employees will remain in the business despite the acquisition.
Macfarlane’s wholly-owned subsidiary, Macfarlane Group has purchased 100% of Gottlieb for a maximum cash consideration of £3.55 million, including an earn-out of up to £0.8 million based on agreed profit growth targets over two years.
A further adjustment is due for net assets in excess of £0.3 million with the expected net assets on completion being £1.0 million, including £0.8 million of net cash.
Peter Atkinson, Chief Executive of Macfarlane said: “Gottlieb is a well-run protective packaging distributor with an experienced management team. The acquisition of Gottlieb complements the recent opening of our new distribution facility in Heywood and further strengthens our ability to serve customers in the North-West of England.”
