Palletforce owner EmergeVest buys Downton for £75m
Palletforce owner EmergeVest has bought the UK-based logistics company CM Downton for £75m.
In a statement issued today (7 March), EmergeVest said that it has acquired the entire shareholding from the Downton family, but the family will continue to serve in their respective roles as senior management of the Company.
This investment marks EmergeVest’s seventh acquisition in the UK logistics sector since being formed in 2013. EmergeVest’s current UK portfolio includes Adjuno, Allport Cargo Services, NFT Distribution, NR Evans and Palletforce.
Established more than 60 years ago and headquartered in Gloucestershire, Downton generates annual revenues of around £120m, operates 600 tractor units and 1,800 trailers, and employs around 1,350 staff. The company’s UK network includes depots in Moreton Valence (where it is headquartered), Quedgeley, Shepton Mallet, Chepstow, Sharpness, Hardwicke, Tuffley, Runcorn, Manchester, Dunstable, Leeds, Chatham and Tilbury.
Downton’s client list includes AB InBev, Dyson, Whirlpool, Fever-Tree, Saica Paper, UPM-Kymmene Corporation, Frontline and Marketforce.
Commenting on today’s announcement, Heath Zarin, CEO and Managing Director of EmergeVest said: “We are excited at the opportunity to bring Downton into the EmergeVest family and to be investing in a business with such significant potential.”
Andy Downton, Managing Director of CM Downton, added: “The Downton family, along with a fabulous team of people, have built a first-class operation and one that we are extremely proud of. The sale of the business has not been taken lightly, however we have always understood the importance of growth and a proper succession plan. This business is now ready for fresh energy, vigour and focus. EmergeVest are the correct successors to achieve this. They have a great vision and are building an unrivalled UK network, encompassing freight forwarding, pallet, chilled and now our ambient network.”