The flexible and rigid packaging specialist announced it had increased turnover by about $10 million after buying packaging supplier Source & Sell and industrial product distributor Stronghold Wholesale.

Pro-Pac said the acquisitions would be funded from its existing cash and finance facilities.

Chief executive Brandon Penn said the two new businesses would give Pro-Pac “further critical mass” and offered “particularly good cross-selling opportunities as both businesses bring together new customers and new products”.

Pro-Pac has made eight other acquisitions since October 2011 that have reportedly increased revenue by more than $39 million.

[Related: Colorpak wins $30 million contract]

The Sydney-based firm has also allocated $1.8 million to consolidating its Sydney, Perth, Adelaide and Queensland operations.

For the 12 months to 30 June 2012, Pro-Pac reported a 15% rise in revenue to $133 million and a 16% rise in pre-tax profit to $8.1 million.

It also said it had “virtually no net debt” and undrawn bank facilities of $24 million.

“The company has embarked on a focused strategy of growing its food service and food-related packaging business silos. We view these as strong growth sectors in the Australian industrial landscape, where we currently have minimal overall market share,” it said.

Pro-Pac has more than 400 staff, more than 10,000 customers and sites in Melbourne, Brisbane, Perth and Adelaide, according to the firm.

[Related: More mergers & acquisitions]

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