13th Sep 2021 16:09
Wincanton PLC - Wiltshire-based logistics firm - To acquire supply chain services provider Cygnia Logistics Ltd from alternative investment firm Crescent Capital for up to GBP23.9 million on cash-free, debt-free basis.
Deal falls in line with Wincanton's strategy to focus more on eCommerce, and is expected to add to the group's Digital and eFulfilment business division. Acquisition will be funded from existing cash resources and debt facilities.
"This acquisition is a significant step forward for our eCommerce proposition and I am delighted to welcome our new colleagues at Cygnia. This is a business with a fantastic reputation for supporting many of the UK's most successful brands, underpinned by a focus on operational excellence which will complement Wincanton's customer-focused approach," says Chief Executive Officer James Wroath.
For the year-to-date, core revenue is up "over 25% from the year before due to strong volumes, new business growth and a recovery in trading which was affected by the pandemic.
Looking ahead, for the current financial year, expects profit to be in line with market expectations.
Current stock price: 385.00 pence
Year-to-date change: up 50%
By Dayo Laniyan; [email protected]
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