Bunzl PLC (LON:BZL) is back on the acquisition trail with deals announced today in Brazil and Denmark with more likely over the remainder of the year from what it describes as a 'promising pipeline'.
The hyper-acquisitive distribution group made only three purchases in 2019 though alongside favourable currency movements these helped profits rise 7% to £453.3mln on sales of £9.3bn.
Today, Bunzl announced it was buying medical products distributor MedCorp in Sao Paolo for an undisclosed sum and ICM, a personal protection equipment distributor based in Denmark for £48mln.
Frank van Zanten, chief executive, said: “The purchase of Medcorp has expanded our existing healthcare business in Brazil and complements and strengthens our product offering in this sector.
“The proposed acquisition of ICM will broaden our customer base in the important safety sector in Denmark.”
The dividend for the year rises by 2.2% to 51.3p.