Global distribution group Bunzl outlies its M&A strategy and the growth opportunities. 

 

Acquisitions are firmly at the heart of Bunzl’s growth model, with the company having completed more than 230 deals since 2004, representing £6 billion (US$8 billion) in committed spend. 

 

During an online investor seminar held earlier this month, senior executives outlined the thinking behind this approach and how it continues to support the group’s long-term ambitions.

 

Over the past decade, approximately two-thirds of Bunzl’s revenue growth has come from acquisitions, with a clear emphasis on targeting highly fragmented, cash-generative B2B markets. 

 

Deal origination is largely decentralised, with local teams responsible for building long-term relationships with potential sellers. 

 

Over the past five years, Bunzl’s executive committee has reviewed 280 potential acquisitions, of which just 70 proceeded to completion. 

 

Bunzl has identified more than 1300 potential targets across its six core sectors and 32 countries, with white-space opportunities in markets such as Sweden, Greece and China. 

 

In North America alone, executives highlighted strong expansion potential in safety categories such as respiratory, footwear, hearing protection, asset safety and smart tech.

 

Bunzl recently announced its sixth and seventh acquisitions of the year – Irish commercial catering distributor Caterline and Spanish cleaning and hygiene business Anta.

 

However, the group expects a strong rebound in M&A activity in 2026.

 

In Australia and New Zealand, Bunzl ANZ operates a network of more than 50 warehouse and office facilities across the two countries. The company focusses on essential consumables across the key categories of cleaning & hygiene, healthcare & community care, catering & hospitality, food processing, commercial packaging, safety & personal protection equipment (PPE). 

 

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