Palletforce Plc, a UK leader in express palletised distribution, has reached agreement on the terms of an acquisition by EmergeVest Fund B LP to acquire the entire shareholding of Palletforce, valuing the company at £30 million.
The acquisition will allow Palletforce to benefit from continued investment in its quality distribution services and see it build on its strong relationship with the 88 member companies making up the award-winning network.
With the sale of Palletforce at a substantial premium to the last traded share price in June 2015 through the matched bargain trading facility, each shareholding member is set to benefit financially from the company’s growth in revenue and profits.
The partnership with EmergeVest, which has logistics interests in the UK and China, will also create exciting international commercial opportunities for Palletforce and lead to the emergence of the company onto the global stage.
Working together with the present executive management team, EmergeVest has committed to retain and develop the existing business model and to uphold the partnership values with Palletforce network members. Palletforce believes this approach is critical to its ongoing success and underpins the ethos of all parties working together and for each other.
Palletforce has experienced significant growth across the UK and Europe and was recently crowned ‘Logistics Supplier of the Year’ at The Grocer Gold awards. Volumes in the first six months of the current financial year increased by 20% as the Palletforce network collected and delivered nearly 1.5 million pallets.
The acquisition is subject to shareholder approval and a legal process which will take a number of weeks to complete.
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