Eddie Stobart acquires pallet network for £53m
Eddie Stobart has entered into an agreement to acquire the entire issued share capital of The Pallet Network (TPN), a provider of pallet distribution services around the UK and Ireland, comprising of 106 regional hauliers (members), for a total consideration of up to £52.8 million, on a cash and debt free basis.
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 acquisition provides an exit for TPN’ institutional backers LDC, the private equity arm of Lloyds Banking Group.
