Clipper Logistics has announced the acquisition of Tesam Distribution Ltd, a provider of warehousing and distribution services to the retail sector.
Tesam is based in Peterborough, UK. It operates from three sites, totalling 1.1m sq ft of warehousing, with approximately 250 employees. Its former owner and managing director Stephen Smith will become a consultant to Clipper following completion of the deal. Other members of the management team will remain as full time employees.
The purchase price paid was £11.75m (€13.6m), using Clipper’s existing cash and bank facilities. It says the assets of Tesam include cash of £3.4m and freehold property, which will be sold post-acquisition, realising a £2.7m net gain.
Clipper plans to make early expansions to Tesam’s existing facilities, by increasing capacity at its key site at Ivatt Way, Peterborough through the installation of mezzanine floors and additional racking and handling capability.
Source: Clipper Logistics