Cape Town - Imperial Holdings said on Wednesday that it had agreed to purchase Palletways Group, the fast growing UK-based freight handler, for £162.9 million.
A statement from the diversified holding company that was founded as a car dealership in Johannesburg in 1948, noted that Palletways had more than trebled profits over the past three years.
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Founded in 1994, Palletways provides an express delivery solution for small consignments of palletised freight through more than 400 depots and 14 hubs, collecting and distributing 38 000 pallets daily across 20 European countries.
James Wilson, chief executive at Palletways, said: “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.”
Imperial’s chief executive, Mark Lamberti, said: “Palletways’ business model and geographic reach will be complementary to our existing services and networks in the logistics sector.”
The deal is subject to approval by European Competition Authorities.
ANA