Carters Packaging

Apr 1, 2021

Macfarlane Group has announced the acquisition of Carters Packaging in Cornwall in a £4.5m deal. Carters is a well-established business, and is one of the main distributors of protective packaging in the South-West of England. For the year ended 31 March 2020, Carters generated sales of £4.2m and pre-tax profits of £500,000. Carters focuses principally on customers within Cornwall and Devon from its 25,000 sq. ft. facility in Redruth and will benefit from access to Macfarlane’s extended range of protective packaging products and services. The deal includes an earn-out over two years of £1.5m, and the expected net assets on completion are £900,000. Macfarlane recently extended its £30 million bank facility. The business has a 25-strong workforce including its two directors, all of whom Macfarlane said will remain with the business following the acquisition. Peter Atkinson, chief executive of Macfarlane, said: “Carters is a well-run, successful protective packaging distributor that meets our strict acquisition criteria and its acquisition will be earnings-enhancing in its first full year in the Group. I am confident that the business will prove to be an excellent acquisition improving our geographic penetration and extending our customer reach in the South West of England.”