Unquote

EmergeVest's NFT bolts on NR Evans

  • LinkedIn  
  • Google plus  

NFT Group, the chilled foods logistics business backed by Hong Kong-based GP EmergeVest, has acquired Welsh competitor NR Evans Logistics in a deal valued at more than £20m.

The acquisition will consolidate NFT’s position in the UK market, adding seven depots to the company’s existing eight locations within the country.

Since EmergeVest’s initial investment in NFT, the company has invested in a new 230,000 square foot chilled warehouse near London’s Port of Tilbury.

EmergeVest also owns Palletforce, another UK-based logistics company that it acquired via a £30m MBO in August 2015.

Debt
Investec has provided a further £13m debt package to support the acquisition of NR Evans. The package is structured as £8m in evergreen receivables and £5m in long-term cashflow lending.

The latest debt package brings the total debt investment by Investec to £55m.

Previous funding
NFT first came under private equity ownership in August 2006, when Phoenix Equity Partners acquired the food distribution arm of Northern Foods in a deal that valued the newco at £51.2m.

EmergeVest then acquired a majority stake in NFT in April 2014 in a secondary buyout valuing the business at £60m. The original deal included a £42m debt package provided by Investec Growth & Acquisition Finance.

Company
Headquartered in Cross Hands, South Wales, NR Evans is a logistics company focusing on the transportation of temperature controlled freight. The business has a fleet of 180 trucks and 300 trailers.

NFT was founded in 1981 and is headquartered in Alfreton, Derbyshire. The business has additional depots in Tilbury, Bristol, Crick, Daventry, Middleton, Penrith and St Albans.

People
EmergeVest – Heath Zarin (managing director).
NFT Group – David Frankish (CEO).
Investec – Paul Rablen (director).

  • LinkedIn  
  • Google plus  

More on Expansion

Latest News