Medical supplies distributor Toomac sold to larger industry player Bunzl

Medical supplies distributor Toomac has been sold to British-based global company Bunzl for an undisclosed price.

Toomac co-owner Ian MacFarlane said the company had reached a size where it would benefit from the expertise and input of a larger industry player.

The sale was brokered by ABC Business Sales as part of its expansion into mid-market businesses with values in range of $5milion-$50 million.

"This key segment of the New Zealand economy has seen a substantial increase in interest as investors either look to scale-up through consolidation, or access into this large but relatively hidden part of the economy," ABC broker Ben Smith said.

"In the past 20 years a high volume of privately owned New Zealand businesses have grown at levels beyond expectations and this has led to high volumes of business owners controlling corporate sized operating assets that need specialist advice when they are looking to exit."