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Bunzl Agrees to Acquire Brazilian Safety Business

The CEO of Bunzl, which also completed the previously announced acquisition of Denmark-based PPE distributor ICM, said the company’s “acquisition pipeline remains promising.”
Bunzl

Bunzl PLC on Monday announced that it has agreed to acquire SP Equipamentos, a personal protection equipment distributor based in Sao Paulo, Brazil. Financial terms of the deal weren’t disclosed.

SP Equipamentos, whose 2019 revenue was BRL143 million (US$26.7 million), supplies a broad range of safety products to customers across a number of markets, including the mining, steel, construction and agriculture sectors. Completion of the acquisition is expected to take place at the end of November.

Bunzl also said that it has completed the previously announced acquisition of ICM, a distributor of personal protection equipment to a variety of customers in Denmark, including a number operating in the wind energy sector. ICM generated revenue in 2019 of DKK410 million (US$65 million).

“These two acquisitions will further expand and develop our safety businesses in Brazil and Denmark, complementing our product offering and broadening our customer base in both markets,” said Frank van Zanten, CEO of Bunzl. “Growth through acquisitions continues to be an important part of the strategy of the Group and I am pleased that year to date our committed acquisition spend totals more than £400 million (US$525 million). Our acquisition pipeline remains promising with a number of discussions ongoing.”

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