Logistics company Eddie Stobart is to acquire the entire share capital of pallet distribution service provider The Pallet Network, which consists of 106 regional haulier members, for £52.8 million on a cash and debt free basis.
Eddie Stobart aims to strengthen its end-to-end supply chain solution presence in Europe and investing in TPN “significantly enhances the skills and capabilities of Eddie Stobart in a space that we currently do not operate in,” said Eddie Stobart CEO Alex Laffey.
TPN managing director Mark Duggan said: ‘We were very pleased to be approached by Eddie Stobart, which has extensive experience within the logistics industry,” and the “investment has enabled the smooth exit of our previous investors and provides us with some immediate operational synergies for our member network. We have ambitious plans and this new partnership will help us achieve and deliver long-term sustainable growth.”
