Stobart Group acquires Autologic Holdings
Stobart Group has bought the quoted vehicle logistics business Autologic Holdings in a deal that values the firm at £12.4m.
Autologic has its headquarters in Northampton and sites nationwide, including Carrington in Greater Manchester and Ellesmere Port, Cheshire, as well as operations in Belgium, the Netherlands and the Czech Republic.
The firm, which was founded in 1996 and floated a year later, provides services such as vehicle storage and transportation, and paint and accident repairs.
It posted revenues of £144.7m during 2011, generating pre-tax profits of £2.1m.
Details of the talks over a potential takeover by Stobart were announced last month. Stobart said yesterday it believed Autologic would benefit from the group’s buying power in relation to new vehicles, maintenance, parts and insurance.
It also sees potential for Autologic to expand further into European markets.
Stobart chief executive Andrew Tinkler said: “Autologic is an excellent fit with our group strategy to expand into complementary service offerings, and it will facilitate our entry into the auto-logistics market in a leading position.
“We expect to be able to drive substantial synergies and efficiencies from improved fleet utilisation, vehicle buying and maintenance, which will benefit our customers and drive value for our shareholders.
“We also see opportunities to expand Autologic’s presence in Europe where we have a growing presence.”
Stobart, whose operations include the Eddie Stobart haulage business and London Southend Airport, employs around 1,000 staff in the Warrington area.