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Macfarlane Group PLC on Monday said it has acquired protective packaging manufacturer Pitreavie Group Ltd for up to £18.0 million. The Glasgow-based packaging company said it expects the acquisition of the protective packaging manufacturer, also based in Scotland, to enhance its earnings. The deal includes an earn-out of up to £4.0 million over two years. Pitreavie generated sales of £24.8 million in 2024, with adjusted earnings before interest, tax, depreciation and amortisation of £2.5 million and adjusted pretax profit of £1.3 million. A completion adjustment of around £3.4 million is payable to Macfarlane with inherited net debt of £4.0 million. The deal will be financed from Macfarlane’s existing bank facility. The company said it continues to operate well within its £40 million loan. Pitreavie employs 159 staff across four locations in Scotland, including a corrugate box manufacturing plant, a specialist protective packaging facility, a protective packaging distribution business and a temperature-controlled packaging operation. Macfarlane said Pitreavie’s blend of businesses complements its distribution and manufacturing operations. Macfarlane Chief Executive Peter Atkinson said: ‘Pitreavie is a fast-growing, well-invested company with an experienced management team that is fully committed to the business. The acquisition represents a unique and exciting opportunity to grow our business in Scotland and provide in-house supply to our businesses in the north of England. ‘We look forward to working with the team at Pitreavie 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.’ Macfarlane shares were down 0.5% to 106.50 pence each in London midday Monday. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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