Bunzl has agreed terms to take an 80 per cent stake in Nisbets, a business founded in 1983 by Andrew Nisbet and which supplies catering equipment and consumables in the UK & Ireland, Australasia and North Europe. The business, which has 1800 employees, achieved revenue of £498m for the year to 31st December 2023, and its team will remain in place with Andrew Nisbet remaining as a non-executive director and the Nisbet family continuing to hold a minority interest.
Bunzl has tabled an initial consideration of £339m with an additional earn-out amount depending on 2024 performance. The transaction, which is subject to regulatory approvals, also secures the option for Bunzl to acquire the remaining 20 per cent of Avonmouth-headquartered Nisbets.
In further news, Bunzl has also entered into an agreement to acquire Pamark in Finland.
Bunzl CEO commented: “The acquisition of Nisbets is an exciting step for Bunzl. Andrew Nisbet has built a high-quality business with a well-respected management team. The business is complementary to our operations in the catering equipment sector and will enhance our own brand offering and digital capabilities.”
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