Eddie Stobart has conditionally agreed to purchase iForce Group limited. The acquisition is subject to Eddie Stobart’s stock market flotation at the end of April 2017 and the acquisition is stated to be worth around £45m.
Eddie Stobart’s admission document stated, “The Directors believe that there are opportunities to pursue acquisitions which would enhance Eddie Stobart’s core offering, and the Board is currently in discussions with a number of potential targets. In line with this strategy, Eddie Stobart has agreed to acquire iForce Group Limited.”
Eddie Stobart said it has been looking shift its focus from the retail and consumer sectors towards the manufacturing, industrial and bulk and e-commerce sectors. It said it expects the purchase of iForce to boost its overall e-commerce offering.
As previously reported by Ti, the company is due to float on the London Stock Exchange’s Alternative Investments Market on April 25, 2017. According to the admission document, Eddie Stobart expects to raise £112m in net proceeds to help fund this acquisition.
Source: Eddie Stobart