London-based foodservice and packaging products distributor Bunzl announced Feb. 27 the completion of two acquisitions in Germany and Canada. The company also reported its 2022 financial results.

Earlier this month, Bunzl entered into an agreement to acquire Arbeitsschutz-Express, according to a news release. Based in Leipheim, Germany, Arbeitsschutz is an online distributor of workwear and PPE products. The acquisition further expands Bunzl’s footprint in Germany after it acquired hygi.de, a German distributor of cleaning and hygiene products, in July 2022.

“Arbeitsschutz-Express, combined with our acquisition of hygi.de in 2022, will more than double our presence in the German market, with considerable further opportunity remaining,” Bunzl CEO Frank van Zanten said in the release.

Bunzl also announced it completed its acquisition of Kentville, Nova Scotia-based Capital Paper in January. Capital Paper is a Canadian distributor of foodservice packaging and consumables, cleaning and hygiene supplies, and industrial packaging products. The company also has locations in Dartmouth, Nova Scotia, and Moncton, New Brunswick.

“Canada Paper is highly complementary to our Canadian business and expands our offering in the region,” van Zanten said. “Our pipeline is active, and we see significant opportunities for continued acquisition growth in our existing markets where we have opportunity to increase our presence, as well as potential to expand into new markets.”

Bunzl’s 2022 earnings showed strong growth compared to 2021. The company reported revenue of £12 billion ($14.5 billion) in 2022, a 17.1% increase over 2021, and up 9.8% on a constant exchange basis. Operating profit of £701.6 million ($846.1 million) was up 12.6% from 2021. In its North American division, Bunzl saw revenue of £7.4 billion ($8.9 billion), an 8.1% increase compared to 2021 on a constant exchange basis. Bunzl’s North American division accounted for 61% of its total revenue in 2022.

Bunzl’s impressive performance was driven by product cost inflation and growth from the 12 acquisitions the company made in 2022, according to the report.

“I am truly proud that Bunzl has delivered another excellent year, with strong profit growth and an increase in dividend per share for the 30^th consecutive year, a track record that demonstrates the resilience and diversity of our business and its ability to consistently deliver growth,” van Zanten said in the financial report. “We have made further strategic progress, increasing the percentage of digital customer orders, and further supporting customers with the transition towards products that are better suited to the circular economy.”