The Spicers Group, a paper, packaging, and visual communication products supplier, has signed an agreement with Winson Group to acquire Australian packaging company Signet.
The companies have not disclosed the financial details and other terms of the transaction.
Signet offers a range of more than 5,500 packaging products, aiming to position itself as a one-stop shop for shipping consumables and e-commerce solutions, including protective packaging, cartons, and stretch films.
The packaging company has a national footprint, with production and warehouse facilities located across major Australian cities such as Sydney, Brisbane, Melbourne, and Perth.
The acquisition of Signet, which has a revenue of approximately A$150m ($97.78m), is expected to make a significant contribution to boosting the Spicers Group's regional scale.
Under the terms of the latest deal, Signet will join the Spicers Group while continuing to operate as an independent entity.
Signet’s existing team of 200 employees, led by managing director Jack Winson, are set to become part of the Spicers Group, bringing their expertise and dynamic approach to the business.
Signet's role within the Spicers Group will focus on leveraging growth opportunities and expanding the group’s market reach.
The deal is expected to be completed on 2 April 2024.
Winson said: “Becoming part of the Spicers Group is an exciting new chapter in Signet story, further enhancing our position as the number one destination for packaging in Australia.”
In addition, the Spicers Group will utilise the logistics, sales, and sourcing opportunities from the acquisition to optimise its offerings and services.
With the inclusion of Signet, the Spicers Group said it aims to deliver a positive experience across its customer base and present the industry's most diverse portfolio.
Spicers Group CEO David Martin said: “We have always respected Signet's market approach and foresee collective potential in manufacturing and expanded e-commerce capabilities for the group.
“Our singular focus is on growing our business by enhancing our customers' engagement experience and expanding the range of services we offer them.”
