Eddie Stobart buys The Pallet Network (TPN)
Eddie Stobart has entered into an agreement to buy The Pallet Network (TPN) for up to £52.8m, on a cash and debt free basis.
In a statement sent to Post&Parcel today (28 June), Alex Laffey, CEO at Eddie Stobart said: “In line with our strategy, we are delighted to be able to invest in TPN as this significantly enhances the skills and capabilities of Eddie Stobart in a space that we currently do not operate in. Furthermore, it strengthens our position as a leading provider of end-to-end supply chain solutions.
“The TPN team, led by Mark Duggan, Managing Director, have continued to deliver strong growth since the business was founded in 2000, resulting in an excellent and strong service performance for customers. The members of TPN will provide a competitive advantage as we will be partnering and working with companies that are experts in their own regions and more importantly, have substantial experience of delivering final mile pallet solutions.”
Eddie Stobart said the TPN acquisition would “significantly enhance” its skills and capabilities, “including meeting customer requirements for smaller load deliveries”, and position the group in a”n attractive segment, which has grown at a significantly greater rate than the wider logistics market over the last three years”.
Eddie Stobart added: “This combination will provide benefits to both businesses and to TPN’s members, through cross-selling to existing Eddie Stobart customers, and collaboratively deploying Eddie Stobart’s enhanced operating model into Europe.”
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