Bunzl has completed its acquisition of catering equipment distributor, Nisbets, for £339m.

The distributor and services group placed its interest in Nisbets in February, taking an 80% stake in the firm.

As part of the deal, Nisbets’ founder, Andrew Nisbet, will remain as a non-executive director and retain a minority interest.

Nisbets distributes catering equipment and consumables in the UK and Ireland, Northern Europe and Australasia. In 2023, it generated £498m in revenue, with a profit before interest, tax and amortisation of £40.2m

The acquisition comes after Bunzl made a move to acquire its first business in Finland, Pamark, in January.

This acquisition would take the number of countries that Bunzl operates in to 33.

Chief executive officer at Bunzl, Frank von Zanten, said: "I am delighted that we have completed the acquisition of Nisbets, a high-quality business with an experienced and well-respected management team.

"Its digital expertise and market-leading range of own brand products, will further strengthen our position in the catering equipment sector. We welcome our new colleagues at Nisbets to the Bunzl family as we continue to focus on our consistent compounding strategy to grow both organically and through consolidation of our fragmented markets."

---