Palletways announced that Imperial Holdings Limited (Imperial) has agreed to acquire the business from current shareholder Phoenix Equity Partners for a total transaction value of £163m.
Imperial is a Johannesburg-listed, South African-based international group of companies with a focus on consumer and industrial logistics. Imperial fully supports Palletways’ current management and has committed to continue the company’s existing growth strategy, with plans to invest further in geographical expansion, product and service development, and Palletways’ leading technology platform.
Palletways states that the acquisition affirms the success of the current management team and the previous owner, Phoenix Equity Partners, in developing the business’ value and reach through geographical expansion, and investment in Palletways’ sector leading services.
Under Phoenix’s ownership, the company has expanded significantly through a series of greenfield investments and international acquisitions, growing from a UK-only position to an integrated pan-European presence across 20 countries. Palletways now delivers 8m pallets annually across Europe, while group profits have more than trebled over the last three years.
James Wilson, Chief Executive Officer at Palletways said, “We would like to thank Phoenix for all their support. We are delighted to be working with Imperial as we move to the next stage of Palletways’ development by continuing to expand into new markets, while enhancing our member and customer experience. The Palletways management team shares a common vision with Imperial and remains fully committed to the business as we pursue our strategy for further growth.”
Mark Lamberti, Chief Executive Officer at Imperial said, “Palletways’ business model and geographic reach will be complementary to our existing services and networks in the logistics sector. We admire the past achievements of the management team and look forward to working with them to enhance Palletways’ presence and service in the United Kingdom and Europe.”
Palletways will continue to be run as a standalone business within the Imperial Group following the transaction, which remains subject to regulatory approvals.
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