Private equity bid for Clipper Logistics
Private equity firm Sun European Partners is looking to acquire multichannel retail specialist Clipper Logistics.
LSE listed Clipper Logistics confirmed to shareholders it had received a preliminary approach from Sun European Partners, which has until 18 December to either announce a firm intention to make an offer or withdraw its interest.
Sun’s portfolio includes brands such as bed retailer Dreams; brake parts manufacturer Flexitech and Northern Ireland-based door manufacturer O&S.
In August Clipper reported that it had increased turnover by 15 per cent to £460.2 million in the year to 30th April, as a result of contract wins growth with existing customers in e-fulfilment and returns management.Operating profit was flat at £20.2 million.
New contracts included: boohoo.com subsidiary PrettyLittleThing, Ginger Ray, Levi Strauss, Vestel, the Mountain Warehouse brand Neon Sheep, Tech Data and Sports Direct in the UK, and Mountain Warehouse in Poland.
By Christopher Walton