Bunzl in bolt-on acquisition

5th Jul 2010 07:21

Distribution and outsourcing group, Bunzl, has snapped up Belgian cleaning and hygiene consumables firm Etablissements Glorieux SA.The Belgian company, which trades at Global Net, is being acquired from the owners, Olivier and Luc Glorieux.The company operates in the Walloon region of Belgium, selling to contract cleaners, local authorities and other industrial and institutional customers. The business will complement that of King Belgium, the company Bunzl bought in 2007, which is focused on the Flanders region of Belgium.Financial details of the deal were not disclosed.Last year Etablissements Glorieux had revenue of €19.6m while the value of the gross assets being acquired are estimated at €9.6m.