Bunzl PLC (LSE:BNZL) has made two more bolt-on purchases, buying a safety business in Brazil and a safety business in Spain, taking the total of acquisitions made since 2004 to 200.
The packaging and distribution firm said it agreed to buy Leal Equipamentos de Proteção, a specialised safety distributor in Brazil with a strong own brand portfolio.
It described the business, which generated revenue of around £34mln in 2022, as “high margin”.
Bunzl said the deal, which is subject to competition authority clearance, would complement its strong portfolio of safety businesses in Brazil.
In April, Bunzl bought Irudek, a distributor of safety and personal protective equipment, specialising in fall protection equipment in Spain.
In 2022, the business generated revenue of €17mln (around £15mln).
Frank van Zanten, chief executive, said the deals “expand our offering within the safety sector, have strong own brand portfolios, and are margin accretive to the group”.
Bunzl said the 200 acquisitions since 2004 have driven two thirds of its revenue growth over the last 10 years.
“Our pipeline is active and our balance sheet remains strong, and we see significant opportunities for further acquisition growth to supplement our resilient organic growth," van Zanten said.