Macfarlane Group has made another move to develop its packaging distribution business by buying a Nottingham-based firm in a deal worth up to £2.75m.
The Glasgow firm will pay an initial £2m in cash for One Packaging Ltd.
A further consideration of up to £750,000 will be paid in the third quarter of 2016, subject to trading targets being met.
One made an operating profit of £400,000 on turnover of £4.9m in the year to 31 July 2014.
Last year, Macfarlane acquired two other firms, Network Packaging and Lane Packaging, as part of its growth strategy.
Macfarlane chief executive Peter Atkinson said: "One is a good quality, successful packaging distributor.
"This acquisition demonstrates our continuing commitment to the strategy of developing our leadership position in the UK market for the distribution of protective packaging."
Macfarlane employs more than 730 people at 25 sites, mainly in the UK and Ireland.