12 October 2015/Categories: Industry News
Hong Kong-based private equity investor EmergeVest has completed its £30 million takeover of palletised distribution service Palletforce.
A new company - Forcefield Bidco - was established to put the deal together, which made it possible for the executive management of Palletforce to invest in the business.
EmergeVest already manages more than $300 million (£195.4 million) of business investment and has interests in NFT Distribution and Allport Cargo Services.
Palletforce boasted revenue of £77 million for the year ending August 31st 2014 and delivered almost 1.5 million pallets in the six months to February 28th 2015.
Chairman of Palletforce John Brotherton welcomed the completion of the deal, as it works to the advantage of the firm's stakeholders.
"The sale of Palletforce at a substantial premium to the last traded share value allows our shareholders to benefit financially from our impressive growth in revenue and profits," he commented.
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