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Benchmark International Successfully Facilitated the Transaction Between G.H. Pittman Limited and Bunzl plc
October 24, 2023
Benchmark International is pleased to announce the transaction between County Kildare-based G.H. Pittman (t/a Pittman Traffic & Safety Equipment) and Bunzl.
One of the largest distributors of traffic equipment in Ireland, Pittman Traffic & Safety Equipment supplies bollards, speed bumps and barriers for car parks, public roads, warehouses, and workplaces. Its customer base includes property management & facilities management companies, schools, government bodies, and county councils.
In 2022, Pittman Traffic & Safety Equipment generated revenue of EUR 7 million (c.£6 million).
Bunzl is a multinational distribution and outsourcing company headquartered in London. The company has approximately 22,500 employees and is present in over 30 countries, operating across the Americas, Europe, Asia Pacific and the UK & Ireland, serving over 800,000 customers.
The acquisition supports the expansion of Bunzl’s North America based McCue business, which already has a UK presence.
Commenting on today’s announcement, Frank van Zanten, Chief Executive Officer of Bunzl, said: “Our performance continues to highlight the strength and resilience of the group’s business model, with revenue over the quarter 29% higher, and operating margin substantially higher, than the comparable period in 2019 at constant exchange rates. I remain confident in our ability to sustain a higher operating margin compared to pre-pandemic levels, supported by the acquisitions we have made over the period.
"Furthermore, today we announce our 13th and 14th acquisitions of 2023, with a total year-to-date committed spend of more than £425 million. I remain excited by the group’s medium-term opportunities, which continue to be driven by our proven compounding growth strategy and active acquisition pipeline, supported by a strong balance sheet.”
Alex Cregan, Associate Director at Benchmark International, said: “It was a pleasure to work on behalf of Brendan and his team. He has built a fantastic team around him and it was evident during the due diligence process that the business runs extremely well. Congratulations to Brendan and Bunzl, I wish you all the very best into the future.”
The deal is the second by Bunzl conducted via Benchmark International, the first the acquisition of Lightning Packaging.
Other advisers to Pittman Traffic & Safety Equipment included Smyth & Son (legal); FDC (accounting); and Omnipro (tax).
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