The earnings-enhancing move furthers the company’s strategy to grow its protective packaging business through organic and acquisitive means.

Allpack is an East Anglian business supplying protective packaging products across various sectors from its warehouse near Bury St Edmunds. The company’s experienced team of 10 employees, including three directors, will remain after the acquisition. The earnings-accretive acquisition continues Macfarlane’s ‘buy and build’ strategy for stakeholder value.

Macfarlane Group acquired 100% of Allpack for up to £3.25m cash, including £0.75m contingent on profit targets over one year. Funding comes entirely from Macfarlane’s existing bank facility. For 2023, Allpack generated £3.0m sales, £0.6m EBITDA and pre-tax profits.

Peter Atkinson, chief executive of Macfarlane, said: “This latest transaction follows three acquisitions undertaken in the prior 12 months, and clearly demonstrates further progress in executing against our buy and build strategy.

“Allpack is a well-run, successful protective packaging distributor with an experienced management team. The addition of Allpack to the Macfarlane Group further strengthens our ability to serve customers in East Anglia. We look forward to working with the team at Allpack to support its continued growth.”