Acquisition

RNS Number : 1347U

Axis Intermodal PLC

11 May 2008

 

                              Axis Intermodal plc
                      ('Axis Intermodal' or 'the Company')

   Axis Intermodal acquires Sea Containers' PartCo to expand service offering


Axis Intermodal is pleased to announce that it has acquired the entire issued
share capital of  SeaCo Parts International Inc. ('PartCo') from Sea Containers
America Inc, for US$250,000 (£128,000) payable in cash. PartCo achieved
unaudited turnover of

US$3,012,000 (£ 1,538,000) and profit before tax of US$ 128,000 (£65,000) in the
year ended 31 December 2007. Net assets acquired amounted to US$760,000
(£388,000).

Based in Charleston, South Carolina, the principal business activity of PartCo
is the supply of replacement parts and spares for marine refrigerated containers
supporting the shipping lines and container industry in the Americas.

Working closely within the newly formed SeaAxis division, PartCo's offering is
in line with the Axis Intermodal principle of providing customers with added
value services to its business of managing containers for its finance partners.

Vic Warren, General Manager, and his team will continue to manage the PartCo
business, working closely with Axis Intermodal's world network of offices and
agents, in particular SeaAxis representatives in Miami.

Robert Montague, Executive Chairman, said 'We are very pleased to have secured
this acquisition and retained the services of PartCo's long established team.'

                                    - Ends -


Further information:

Axis Intermodal plc
Robert J. Montague, Executive Chairman Tel: [phone]
Amy Williams, Business Assistant to Executive Chairman

Strand Partners Limited (Nominated Adviser)
James Harris Tel: [phone]

SVS Securities plc (Broker)
Peter Manfield Tel: [phone]

Media enquiries
BOTTLE PR
Rachel Brewin ([e-mail]) Tel: [phone]
Gillian Gibbons ([e-mail])
Claire Cairns ([e-mail])


Editors' Notes:

  * Axis Intermodal was established in 1995 to take advantage of the growing
    market for Intermodal Swapbodies; it now manages over 10% of the 7.45m
    European Swapbody contract hire market
  * The company has over 250 customers in both the UK and Europe including DHL
    Exel, Geopost, Kerry Logistics, Dairy Farmers of Great Britain, Bookers Cash
    and Carry and Freightliners as well as the German, French and Swiss postal
    services
  * SeaAxis is a division of Axis Intermodal plc. established to focus on
    specialist marine container leasing and to market the patented SeaCell2
    cellular palletwide container and other special containers such as reefers,
    flatracks and tank containers
  * As well as agents in all the key European markets (Benelux, Scandanavia,
    Iberia, Italy, Germany and the UK), SeaAxis has now appointed an agent to
    oversee operations in the US and Caribbean
  * SeaAxis also has offices in Hong Kong, Shanghai and Singapore

 

END

 

 

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