17th Jan 2008 07:01
Wincanton PLC17 January 2008 For Immediate Release 17 January 2007 Wincanton plc Wincanton continues its programme of in-fill acquisitions Acquisition announced today strengthens UK container operations Wincanton plc ("Wincanton" or the "Group"), the leading European supply chainsolutions provider, today announces the acquisition of the container logisticsoperations of Hanbury Davies Ltd ("Hanbury Davies"). The acquisition represents the latest in a series of in-fill acquisitions whichare enhancing the Group's current profitability, broadening its business baseand generating incremental opportunity for medium and longer-term growth. Hanbury Davies, one of the UK market leaders in the provision of containerlogistics services, is being acquired for an initial debt-free consideration ofapproximately £25.0m. Up to a further £2.5m may be payable subject to thefinancial performance of Hanbury Davies in the period to 31 March 2008. Theacquisition will be financed from Wincanton's existing committed bankingfacilities. In the twelve months to March 31st 2007, the container activities of HanburyDavies reported, on a pro-forma basis, turnover of approximately £52.0m, EBITDAof approximately £4.3m and EBIT of approximately £3.1m. Net assets at 31 March2007 were approximately £6.2m. Hanbury Davies operates from 21 locations across the UK, employs 780 people, andoperates 480 vehicles. With a customer portfolio that includes major shippinglines and freight forwarders such as ECS, MSC and Samskip, Hanbury Daviesprovides a range of container logistics services that enhance the efficiency ofboth inbound and outbound product flows through all major UK ports. This acquisition will strengthen Wincanton's position within the fast-growingcontainer logistics market, complementing the Group's developing globaltransport capabilities and further expanding the service offering to existingcustomers. Graeme McFaull, Wincanton's Chief Executive, commented: "Wincanton has a strong track record of growing both organically and throughacquisition. We expect to continue to enhance our strong organic growth with acquisitionswhich expand our range of services, broaden our sector expertise and reinforceour geographic presence in key markets. We see no shortage of such opportunities, in either the UK or Mainland Europe." For further information please contact: Wincanton plcGraeme McFaull, Chief Executive 01249 710 000 Gerard Connell, Group Finance Director Buchanan CommunicationsCharles Ryland / Jeremy Garcia 020 7466 5000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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