Bunzl takes the plunge to buy Belgian cleaning firm
aDISTRIBUTION group Bunzl has continued its expansion plan by buying Global Net, a Belgian cleaning company, for an undisclosed sum yesterday.
The bolt-on acquisition takes revenues gained from recent takeovers past £100m, adding to five purchases across Europe and the Middle East that boosted trading figures in the first half of the year.
Global Net’s assets are worth an estimated £8m, and had revenues last year of £16.3m.
Bunzl chief executive Michael Roney said yesterday: “Global Net… extends our geographic coverage across the whole of Belgium. We are delighted to welcome the management and staff to the group.”
Shore Capital analyst Robin Speakman said that the firm has an attractive business model for investors and issued a buy recommendation.
Shares in London-based Bunzl closed 0.9 per cent down at 658p yesterday.