NFT Distribution Group, the chilled UK third-party logistics provider, last month acquired NR Evans (Holdings), in a deal that valued the business at more than £20M
The transaction included integrated debt funding of up to £13M provided by Investec Growth & Acquisition Finance. It was the third acquisition in the UK logistics market over the past 12 months by NFT's parent, the Hong Kong-based private equity firm EmergeVest.
With a group turnover of more than £200M and a combined workforce of over 3,000, NFT has strengthened its position in the provision of time-critical logistics services with the latest deal.
'Increased international focus'
"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 result in the emergence of NFT as a business with an increased international focus on grocery supply chains," said NFT chief executive David Frankish.
Heath Zarin, md 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.
"We are very excited about NFT's domestic and international growth prospects and ability to provide an ever-expanding suite of leading edge services. This acquisition will not be our last and demonstrates EmergeVest's confidence in the UK market as an investment proposition post Brexit."
The acquisition strengthens the NFT's offering in a number of developing areas, including chilled, ambient and the milk fast-moving consumer goods supply chain.