Devey agrees sale of Pall-Ex
The founder, owner and chairwoman of pan-European logistics brand Pall-Ex, Hilary Devey, has agreed to sell the Pall-Ex Group to its network membership and management.
Contracts were signed on the 15th October 2019 with completion anticipated for the 31st October 2019.
The acquisition will offer UK and European members a unique opportunity to be involved in the development of the network. The management team have also committed to shares within the company with share ownership being made available to the entire UK membership and its International partners.
David Fairbrother of ADD Express Limited, Maggie Larimore of PMB Pallets Limited and Craig Stevens of STD Developments Limited, who have all known and worked with Hilary Devey for over twenty years, negotiated the transaction alongside Kevin Buchanan, Group Managing Director of Pall-Ex.
Maggie Larimore commented “Hilary has been a driving force in the development of pallet distribution and has turned the Pall-Ex name into an industry-leading International brand. This purchase is the perfect way to preserve the legacy she has built.”
Ms Devey, who started Pall-Ex in 1996, has decided to step away from the day-to-day running of the business after almost twenty-five years, her continuing wish is to see the company grow and thrive. She will continue to work with the new owners in an ambassador role to help develop their International services and European partner development.
Kevin Buchanan continued “Pall-Ex will offer a unique proposition in the sector with management, UK members and International partners all working together as owners to further enhance Pall-Ex as the quality network of choice. We would like to thank Hilary for enabling us to take the next step on this incredible and exciting journey.”
Pall-Ex has gone from moving just under 100 pallets on its first night to over 30,000 daily across the globe. All shareholders will be actively involved in the business as it looks to further develop Pall-Ex Group not only in the UK but throughout Europe.
More details will be released in the coming weeks surrounding the opportunity and the structure of the new venture.