Cold storage firm acquired in cross-border deal
A Somerset cold storage and distribution firm has been acquired for an undisclosed sum.
CubeCold Europe has expanded its UK presence through the acquisition of J R Harding & Sons, a temperature-controlled warehouse and distribution company based in Frome.
The deal, for an undisclosed sum, was facilitated by Crowe director Chasz Coulsting and corporate finance manager Nick Martin, who provided financial, tax, and HR services along with buy-side advisory and support.
Law firm DWF, led by Alexis Karim, represented CubeCold, while J R Harding & Sons received legal advice from Temple Bright and financial guidance from Monahans.
As well as operating a temperature-controlled warehouse with 17,000 pallets, specialising in high-value goods, the company also manages a fleet of 11 transport units and operates an Iveco truck maintenance business on its 4.3-acre property.
The location near the ports of Southampton, Bristol, and Bridgwater not only enhances CubeCold’s logistics network but also provides an opportunity for CubeCold to develop a new cold store facility in the future.
Andy Kay, partner and head of corporate finance in the Midlands and South West, said: “This cross-border deal follows hot-on-the-heels of a number of other international transactions in which we have played a leading role, most notably the recent multi-million-pound sale of a UK / Middle Eastern-based specialist manufacturer to a North American buyer, giving the buyer a major foothold in territories in which it did not have a presence.
“We are anticipating continued overseas interest in UK-based businesses who are looking at their exit plans, particularly in those businesses that are well-run, have a particular niche and are generally resilient.”