EmergeVest buys Palletforce for £30m
EmergeVest, the owner of NFT Distribution, has agreed to buy Palletforce for £30m. In addition to its ownership of NFT, EmergeVest has interests in Allport Cargo Services, a global freight forwarder, and has more than US$300 million of assets under management. The company says that it is “primarily a growth-orientated investor and is particularly interested in investments in the supply chain, logistics and transportation sectors, especially in the UK and China”.
Palletforce provides express palletised distribution services through its network of 88 member companies. The company has experienced significant growth across the UK and Europe. Volumes in the first six months of the current financial year increased by 20% as the Palletforce network collected and delivered nearly 1.5m pallets.
EmergeVest has said that it is “committed to retain and develop the existing business model and to uphold the partnership values with Palletforce network members”.
Michael Conroy, chief executive officer of Palletforce, commented: “The offer from EmergeVest will allow Palletforce to continue its class-leading quality service with a real focus on investing in the strong relationship we have with our network members. The move will allow us to write a new chapter in the company’s history as, in EmergeVest, I believe we have the ideal partner to help us open up exciting new market and commercial opportunities, especially across Asia. Our vision is for Palletforce to become the world’s leading pallet network and today’s news takes us one step closer to that goal.”
The acquisition is subject to shareholder approval and a legal process which will take a number of weeks to complete.