The Spicers Group, a leading supplier of paper, packaging, and visual communication products, has entered into an agreement with Winson Group to acquire Signet Packaging.
The deal is set to complete on 2 April, 2024. The entire Signet team, numbering 200 and led by Jack Winson, will join the Spicers Group of businesses, with the Signet business to function as an independent entity within the group.
Signet, an established brand in the Australian packaging industry, operates as a supplier of packaging, protective papers, marking, and other business supplies, serving a diverse range of industry sectors across Australia.
Spicers Group CEO, David Martin, told PKN the acquisition is in line with the expansion and diversification plans for the current business, and Signet will play a “pivotal role in the ongoing growth strategy” of the group.
With annual revenue of $150m, it is expected Signet will contribute significantly to the regional scale of the group, with Spicers gaining access to Signet’s broad customer base which, Martin says, has very little overlap with Spicers’ own customer base, creating good synergies for both companies.
Martin says Spicers will leverage the numerous logistics, sales, and sourcing opportunities, to optimise its offerings, services, and market reach to cater to this growing customer base.
“The focus will be on the numerous growth opportunities identified, while expanding the Group’s overall reach. Our commitment is to deliver a positive experience across our customer base with our collective offerings, presenting the industry's most diverse portfolio.
“We have always respected Signet's market approach and foresee collective potential in manufacturing and expanded e-commerce capabilities for the Group. Undoubtedly, this acquisition rapidly enhances the scale of our Group, and we are all excited about the progress our business has made in recent years through our consistent approach. Our singular focus is on growing our business by enhancing our customers' engagement experience and expanding the range of services we offer them," Martin said.
For Jack Winson, MD of Signet team, becoming part of the Spicers Group is an “exciting new chapter in the Signet story, further enhancing our position as the number one destination for packaging in Australia”.
“As part of Spicers, we look forward to having greater scale to service customers at the high level we are known for,” Winson said.
With the Signet purchase, Martin says, packaging will account for about 35 per cent of the revenue of the business. Further acquisitions could well be on the cards, he says, as the group's strategy is to grow inorganically as well as organically, and to maintain a diversified portfolio of products. The group has made several successful acquisitions since 2020: Universal (NZ pallet wrapping film industrials); Blueprint NZ (sign & display); Rojo Pacific (sign & display); and Direct Paper (commercial print paper merchant).