Wincanton PLC
17 January 2008
For Immediate Release 17 January 2007
Wincanton plc
Wincanton continues its programme of in-fill acquisitions
Acquisition announced today strengthens UK container operations
Wincanton plc ('Wincanton' or the 'Group'), the leading European supply chain
solutions provider, today announces the acquisition of the container logistics
operations of Hanbury Davies Ltd ('Hanbury Davies').
The acquisition represents the latest in a series of in-fill acquisitions which
are enhancing the Group's current profitability, broadening its business base
and generating incremental opportunity for medium and longer-term growth.
Hanbury Davies, one of the UK market leaders in the provision of container
logistics services, is being acquired for an initial debt-free consideration of
approximately £25.0m. Up to a further £2.5m may be payable subject to the
financial performance of Hanbury Davies in the period to 31 March 2008. The
acquisition will be financed from Wincanton's existing committed banking
facilities.
In the twelve months to March 31st 2007, the container activities of Hanbury
Davies reported, on a pro-forma basis, turnover of approximately £52.0m, EBITDA
of approximately £4.3m and EBIT of approximately £3.1m. Net assets at 31 March
2007 were approximately £6.2m.
Hanbury Davies operates from 21 locations across the UK, employs 780 people, and
operates 480 vehicles. With a customer portfolio that includes major shipping
lines and freight forwarders such as ECS, MSC and Samskip, Hanbury Davies
provides a range of container logistics services that enhance the efficiency of
both inbound and outbound product flows through all major UK ports.
This acquisition will strengthen Wincanton's position within the fast-growing
container logistics market, complementing the Group's developing global
transport capabilities and further expanding the service offering to existing
customers.
Graeme McFaull, Wincanton's Chief Executive, commented:
'Wincanton has a strong track record of growing both organically and through
acquisition.
We expect to continue to enhance our strong organic growth with acquisitions
which expand our range of services, broaden our sector expertise and reinforce
our geographic presence in key markets.
We see no shortage of such opportunities, in either the UK or Mainland Europe.'
For further information please contact:
Wincanton plc
Graeme McFaull, Chief Executive 01249 710 000
Gerard Connell, Group Finance Director
Buchanan Communications
Charles Ryland / Jeremy Garcia 020 7466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
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