Imperial eyes UK’s Palletways in R3.8bn deal
JSE-listed Imperial, through its subsidiary, Imperial Mobility International, plans to acquire 100% of UK-founded Palletways Group for £162.9-million, or R3.8-billion, from mid-market private-equity firm Phoenix Equity Partners.
The acquisition, which will be settled through the use of existing unused foreign credit facilities and cash, is aligned with Imperial’s ambitions of expanding globally through the acquisition of asset-light logistics businesses.
“Palletways’ business model and geographic reach will be complementary to our existing services and networks in the logistics sector. “We admire the past achievements of the management team and look forward to working with them to enhance Palletways’ presence and service in the UK and Europe,” says Imperial CEO Mark Lamberti.
An express delivery firm, Palletways handled some 38 000 pallets a day or eight-million pallets a year through more than 400 depots and 14 hubs across 20 European countries.
Palletways’ management plans to coinvest alongside Imperial to own about 4% of Palletways.
The acquisition remains subject to conditions, including European Competition Authorities approval.
Palletways generated revenue of R3.1-billion and earnings before interest, taxes, depreciation and amortisation of R380.5-million in the year to May 31.
The company’s net asset value is R537.3- million.
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