Packing company plans to tuck Label1 into its European healthcare unit
TORONTO—Packaging company CCL Industries Inc. has announced a bolt-on acquisition that will add healthcare-focused label maker Labelone Ltd. to its ranks.
The Canadian firm announced Aug. 31 it has agreed to acquire the Belfast, Northern Ireland-based company for $17.7 million—a figure which includes assumed debt as well as real estate.
After closing the deal, CCL said it will bring on Label1’s Managing Director, Michael McGarry, to serve as head of its Dublin operation and tuck Label1 into its European healthcare unit.
“A number of us at CCL Label have known Michael and his company for many years and we are fortunate to have Label1 join our important Healthcare franchise,” the company’s president and CEO, Geoffrey Martin, said in a statement.
The privately-held North Ireland business had sales of approximately $10.7 million over the previous four quarters.