Peter Atkinson – CEO of Macfarlane Group

This includes an earn-out of up to £4.0m over two years. The acquisition aligns with Macfarlane’s strategy of expanding its protective packaging business through organic and acquisitive growth.

Founded in 2005, Pitreavie designs, manufactures, and distributes protective packaging to various sectors, including food and drink, energy, and electronics.

In the year ending 31 December 2024, Pitreavie generated £24.8m in sales and employed 159 people across four Scottish locations. The company operates a corrugate box manufacturing plant, a specialist protective packaging manufacturing facility, a distribution business, and a temperature-controlled packaging operation.

Pitreavie’s senior management team will remain with the business post-acquisition. Macfarlane believes the deal will provide significant growth opportunities for both companies through their combined expertise, product ranges, and supplier base. Pitreavie’s corrugate manufacturing capabilities will support Macfarlane’s distribution business in Scotland and the North of England.

The consideration is being financed entirely from Macfarlane’s existing banking facility, which was recently expanded to £40m.

Peter Atkinson, Macfarlane’s chief executive, said “Pitreavie is a fast-growing, well-invested company with an experienced management team that is fully committed to the business”. He described the acquisition as a “unique and exciting opportunity” to grow the business in Scotland.

Pitreavie has been owned, invested in and expanded by Joe Diamond and Gordon Delaney since 2005.

Mr Diamond said: “We are immensely proud of all we have achieved under the Pitreavie banner. We knew that the sale of the company had to be to a business with the same expertise, ambition and deep respect for the industry.”

Mr Delaney added: “Macfarlane Group is a perfect fit with obvious synergies and we are excited that our employees and customers will have access to such a broad range of packaging solutions going forward.

“We especially want to thank Stephen Heslop and all of our valued employees, across our four sites, for their work in helping drive the growth story under our ownership. We wish the new venture every success for the future.”

Advisers on this transaction were EY and Burness Paull on the seller side and Wright Johnston & Mackenzie on the buyer side.