Xpediator to raise £2.8m for growth

Xpediator plans to raise some £2.8 million by way of a placing to fund further growth.

The company joined the AIM market in August 2017 and since then has acquired Benfleet Forwarding and Regional Express.

It has now signed non-binding heads of agreement to acquire “an established Essex based freight forwarding and logistics business with a cross deck terminal and revenues of £13m. The business has a global network of agents and three UK offices and offers cross-selling opportunities together with potential synergies from warehouse utilisation. The consideration would be between £1.8m and £3m on an earnout formula and structured similarly to the company’s recent acquisitions.”

Some £750,000 of the new money would be used to fund the initial cash consideration for this acquisition. In addition, £800,000 would be used to finance other potential acquisition opportunities should they arise.