Packaging group Macfarlane has swooped on a Teesside firm as it continues on the acquisition trail.
The Glasgow firm has bought Armagrip, a protective packaging distributor focused on the industrial sector across northern England.
Armagrip, which generated revenues of £1.6 million last year, has eight employees, all of whom will transfer to Macfarlane as part of the deal. Full financial details of the takeover have not been disclosed.
Peter Atkinson, chief executive of Macfarlane, which has completed 11 buy-outs since 2014, said: “Armagrip is a successful, profitable business with a loyal customer base and an experienced team of people. I am confident that this acquisition will further strengthen Macfarlane’s business in the North of England.”
Turnover at Macfarlane rose by 5.4 per cent to just over £107.5m in the six months to June, compared with a year earlier. Profit before tax was up 8.7 per cent to £3.8m.