Clipper buys Tesam
Clipper Logistics has bought the Peterborough-based warehousing company Tesam Distribution. Tesam operates from three sites in and around Peterborough totalling more than 1.1m square feet of space.
Tesam is a strong and respected business which has shown consistent profit growth over recent years. In its financial year ended 30 June 2016, Tesam’s audited accounts reported revenue of £19.6m, earnings before tax and interest of £1.8m and net assets of £3.1m.
The company was principally owned by managing director Stephen Smith who will become a consultant to the Group following completion. The other members of the management team will remain as full time employees of the business.
In a statement issued yesterday, Clipper said it plans to increase capacity at the key site at Ivatt Way through the installation of mezzanine floors and additional racking and handling capability.
Steve Parkin, Executive Chairman of Clipper commented: “Tesam is a successful and robustly profitable and cash generative business which we have known for some time. The acquisition, coupled with our planned investment in additional capacity, will enable us to offer existing and prospective customers of both Clipper and Tesam greater operational flexibility, and will provide further headroom for the delivery of our strong business pipeline. We welcome the employees and management team to the Clipper Group and look forward to continuing to build the breadth and depth of our services and customer base.”