Xpediator has bought Anglia Forwarding Group for an initial cash payment of £1.5m – its third acquisition since its stock market flotation last year.
Rainham-based Anglia turned over some £13.5m last year and produced an operating profit of £400,000. It has branches in Birmingham, Felixstowe, and Heathrow.
Through its association with United Shipping Inc, a worldwide association of agents, the business is able to offer sea and air freight services to the US, China and Europe. It also has European road routes.
On completion, the enlarged group will operate from ten sites in the UK together with 11 European offices employing 781 people.
“Anglia Forwarding is an exciting addition to the Xpediator Group, which will significantly strengthen our air and sea freight operations as well as add complementary European road routes,” said Xpediator chief executive Stephen Blyth.
“The presence of Anglia’s dedicated air freight office at Heathrow, combined with their longstanding position as global partner to United Shipping since 1988 will be a valuable addition to the group and will significantly increase our access into the key markets of America and China.”
Peter Tough, Anglia chief executive, said: “By becoming part of Xpediator Group we will be able to make use of being part of a larger group to expand our business and provide additional services to our existing client base.
The initial cash consideration payable upon completion is £1.5 million, plus a further cash payment reflecting AFGL’s surplus working capital position at completion estimated to be approximately £700,000. Deferred cash consideration of up to £2.0 million may also be payable contingent on profits generated by AFGL over the two years ending 31 May 2020.
