The acquisition of Reading based QTR Transport Limited by Palletforce, the leading pallet network distribution business with operations across Europe transporting a wide variety of palletised goods for overnight delivery on behalf of members’ businesses. Palletforce is owned by private equity fund EmergeVest of Hong Kong and Palletforce’s management team. QTR a well-established and successful independent transport business was established in 1981 by Paul and Sally White. It has grown strongly through a combination of organic growth and two acquisitions, resulting in revenue of over £12m. The acquisition is in line with Palletforce’s desire to have the best possible pallet distribution network member for every UK postcode and the move will help support and complement the company’s existing membership and will enable Palletforce to strengthen its southern network.
Having worked on the sale of Palletforce to EmergeVest and the management team six months earlier, we were appointed by Palletforce to advise on the acquisition including assisting with the negotiations with the vendors, managing the due diligence process, advising on the financial structuring and banking arrangements, assisting with the preparation of the investment case, the ongoing forecasts and related covenants. Our strong project management skills were required co-ordinate all parties including overseas investors and the complex structure of the ultimate deal.
WHAT OUR CLIENT SAID:
‘Cattaneo had advised on the sale of Palletforce to EmergeVest and management and we liked what we saw so when it came to making a significant acquisition we appointed them to provide us with advice and guide us through the acquisition process. We appreciated the advice and support that they provided through the process and their “can do” attitude fits well with our own approach to business.’
Michael Conroy, Chief Executive, Palletforce