NFT Distribution Group has announced the acquisition of the 100% shareholding of NR Evans Holdings Limited, effective from July 15, 2016, in a deal valuing the business at over £20m. The transaction includes integrated debt funding of up to £13m provided by Investec Growth & Acquisition Finance, and represents the third acquisition in the UK Logistics market during the last 12 months by Hong Kong-based private equity investor EmergeVest.
The acquisition is expected to strengthen the NFT Group’s service offering in a number of rapidly developing areas including chill, ambient and milk FMCG supply chain and takes the total number of strategically located UK distribution centres to 17, following the addition of the 9 facilities operated by the NR Evans business.
David Frankish, CEO of NFT, commented, “We are extremely proud to welcome NR Evans into the NFT Group and believe that the combination will not only create a considerable increase in scale, reach, and infrastructure, but also – combined with the capability of our people, recently augmented by the recruitment of new Board Members with specialist skills – results in the emergence of NFT as a business with an increased international focus on grocery supply chains.”
Heath Zarin, Managing Director of EmergeVest, added, “We believe that the acquisition of the NR Evans Group, combined with the recent commencement of operations at NFT’s game changing port centric London warehousing facility and the opening of NFT’s international office in Shanghai, means that the Group is well positioned to expand its service offering within the UK and to enter new overseas markets.”
In the coming weeks the Group will finalise the details of the acquisition.
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