GWP Holdings, the owner of Swindon-based GWP Group, the protective packaging manufacturing and distribution business, has been sold to a subsidiary of Glasgow-based Macfarlane Group plc.

The acquisition was said to be in line with Macfarlane’s declared strategy of building its protective packaging business through a combination of organic and acquisitive growth.

Macfarlane’s wholly-owned subsidiary, Macfarlane Group UK, has acquired GWP for £15.1m (including an earn-out of £5.1m based on agreed profit growth targets over two years) and a further adjustment for net assets in excess of £1.6m with the expected net assets on completion being £4.3m, including £3.8m of net cash.