Culina Logistics is taking over Wincanton’s chilled consolidation activities at the Trafford Park and Gloucester multi-user sites in return for a 20 per cent stake in the company.
The deal which takes effect from 28 March 2009 includes the two site as well as outbases and associated third party transport contracts.
Wincanton’s chief executive Graeme McFaull, said: “The merger of Wincanton’s chilled consolidation operations with Culina will create a UK leader in the sector, ensuring market-leading levels of service for our chilled consolidation customers.
This is an attractive industry solution for Wincanton, allowing us to retain an equity share in the enlarged business and in the profit improvement opportunities that we expect to be delivered.”
In the twelve months to 31 March 2008, Wincanton’s chilled consolidation activities produced an operating profit of £1.3m. Culina provides primarily chilled logistics to the food and drink industry from nine sites across the UK. The combined business achieved revenues of approximately £205m in the year ended 31 March 2008.
