A Lancashire logistics firm has been successfully acquired by one of the largest privately-owned transport companies in the United Kingdom, Turners (Soham) Ltd (“Turners”), which operates from 32 sites across the UK.
MKT Logistics (“MKT”), which was advised by Lexington Corporate Finance, has been acquired by Turners as it continues to strengthen its geographical footprint across the UK.
MKT provides haulage and pallet distribution services throughout the UK, with a fleet of almost 90 trucks. It was set up in 1999 by managing director Matthew Kibble, moving to its current base in Nelson, near Burnley, nine years later. The firm subsequently bought out Kent-based Shakespeare Transport, and Coventry-headquartered FullForce Logistics.
Matthew Kibble, managing director of MKT, said “I have always wanted MKT to become part of something bigger. I have known Paul, the managing director, for 14 years and I know my business couldn’t have gone to a better home.
“Lexington Corporate Finance provided guidance and support throughout the whole transaction, providing clear and concise advice at every stage of the process. Tom and Pablo acted in the strictest confidence throughout and enabled me to concentrate on the day-to-day operations of the business. Thank you all for your hard work and making sure the transaction ran as smoothly as it did.”
Paul Day, managing director of Turners, said: “We only purchase well-run transport companies to the Turners group and MKT Logistics fit in to that category.”
Lexington Corporate Finance acted as the lead advisor and presented the opportunity to several potential international acquirers. Turners emerged as the standout strategic acquirer for the business and provides a home for the MKT business to thrive.
The Lexington Corporate Finance team, consisting of Tom Coombes, Pablo Shorney and Adam Jones, managed interactions with all potential acquirers, negotiated terms and managed the process through to a successful completion.
Tom Coombes, director at Lexington Corporate Finance, added: “Along with his wider team, Matthew has built an exceptional business with a strong reputation in the logistics sector and with his customers alike. There is an excellent strategic fit between the two companies and we look forward to seeing the combined business become greater together.
“This represents another successful transaction in logistics and distribution for Lexington, following on from the sale of AIM Logistics to Fowler Welch last year. We continue to develop our sector expertise which allows us to deliver exceptional results for our clients and leading advice in the space.”
Legal advice to the owners was provided by Capital Law, tax advice was provided by Parisi Tax and accounting support was provided by SB&P.
