Takeover creates £60m turnover logistics group
Bradford-based contracts and logistics business, Expect Distribution Ltd, has acquired Pallet Plus Ltd.
Expect Distribution is a contract logistics operator within the haulage and warehouse industries.
It was established more than 30 years ago and underwent a Management Buy Out in late 2021, led by Matthew Kilner and Andy Taylor. The business now has an annual turnover of over £50m, with more than 350 employees.
Based in Colchester, Pallet Plus is a provider of palletised freight services across the UK and Europe.
The acquisition is part of a strategic move by Expect Distribution to ensure continued growth in the south of England. It takes the combined group to an annual turnover of more than £60m and at least 400 employees.
Azets and Clarion advised Expect Distribution on the deal.
Matthew Kilner, managing director of Expect Distribution Limited, said: “We are pleased to have acquired Pallet Plus, an established and highly reputable company with a great track record.
“This deal will support our expansion into the South of England. We expect both companies to experience sustained growth over the coming years.
“We received terrific support from Azets and Clarion, who helped us navigate and negotiate the acquisition.”
Rob Burton, corporate finance partner at Azets led the deal along with Richard Weston, corporate finance manager.
Legal advice was provided by Clarion, led by Sarah Harrison with support from Santino Stifanelli (corporate), together with Francesca Sykes and Ben Slack (Banking).
Burton said: “We are happy to have worked with Bradford-based Expect Distribution once again and advised on this acquisition.
“It is a great success story for a Yorkshire based business to continue its expansion into key markets and geographies and they are in a fantastic position to take the business from strength-to-strength.”
The deal was funded with the support of a debt package provided by Nick Salmons and Matthew Fannon at Shawbrook Bank.
Gunner Cooke were legal advisors to Shawbrook and Martin Barron at BTG Advisory delivered financial due diligence.
