Palletforce agrees to £30m private equity buyout

The acquisition is subject to shareholder approval and a legal process which will take a number of weeks to complete.

Palletforce, which has 88 member companies, has agreed to be acquired by EmergeVest, which has logistics interests in the UK and China. Its interests include NFT Distribution, a UK chilled food distribution specialist, and a share in Allport Cargo Services, a global freight forwarder.

It is anticipated the deal will open up global opportunities for Palletforce.

John Brotherton, chairman of Palletforce, said: “This acquisition will bring new opportunities for the Palletforce business and represents a superb return for shareholders. The needs of our network members have been uppermost in our discussions with EmergeVest and they can be confident that their interests have been respected. I am convinced that the highly successful management team at Palletforce will take this business to new heights. EmergeVest will be a supportive partner to them and our members.”

Heath Zarin, managing director of EmergeVest, said: “We are delighted to have reached agreement with the board of Palletforce on the terms of an offer. We have extensive experience in the transport and logistics sector via our participation in Allport Cargo Services and NFT Distribution. We are very impressed by the Palletforce management team and its network members. We look forward to working with all stakeholders to continue the successful development of the business.”