MACFARLANE Group has completed the acquisition of Polyformes Limited for up to a maximum cash consideration of £11.5 million, including an earn-out of up to £4.8 million over two years.
Founded in 1977, Polyformes designs and converts foam primarily for specialist protective packaging applications. The firm supplies customers in the aerospace, medical, defence and industrial sectors throughout the UK.
Polyformes is based in Leighton Buzzard and has a team of 60 employees, including three directors who will all remain with the group following the acquisition. For the year ended 31 December 2023, the company generated sales of £9.3 million, with EBITDA of £1.5 million and pre-tax profits of £1.4 million.
The move is being financed entirely from Macfarlane’s existing bank facility. The company said the acquisition demonstrates further progress in its strategy to build the group’s protective packaging business through a combination of organic and acquisitive growth.
Peter Atkinson, chief executive of Macfarlane, said, “Polyformes is a profitable, growing, well invested company with an experienced management team that is fully committed to the business. We look forward to working with the team at Polyformes to support its continued growth and develop opportunities for us to work together to provide our customers with a broader portfolio of protective packaging solutions.”
