Newcastle-based Ryecroft Glenton Corporate Finance has advised a Yorkshire-based transport and haulage company on the expansion of its UK operations with the acquisition of a Great Yarmouth business.
Revis Transport Limited has acquired Spandler Bros from its American-owned parent, Bunn Fertiliser Ltd. The deal marks the latest stage of Revis Transport’s growth strategy, following on from its acquisition of ABC (Grimsby) Ltd in 2014.
Revis Transport engaged Ryecroft Glenton Corporate Finance to advise on its acquisition strategy in March 2015 charging the firm with the task of identifying a suitable acquisition target and negotiating the deal, whilst carrying out the tax and financial due diligence thereon.
The group, which was founded in 1947 and provides a range of transport and haulage services, sought a transport business that would enable it to access new markets and an additional client base where it could cross-sell its existing services, while enabling the acquired business to run autonomously under the stewardship of its existing management team.
As a result of this latest acquisition the group has a workforce of 97 and a fleet of 79 vehicles across its depots in North Yorkshire, South Humberside and now East Anglia.
Bunn Fertiliser Managing Director Richard Sunderland said: “Bunn Fertiliser believe this sale will benefit Great Yarmouth-based Spandler Bros. as they are now part of a company exclusively focused on providing professional transport services. It also allows Bunn to focus on its core business of manufacturing and selling fertiliser in the UK.
“Bunn’s logistics team already utilises third party hauliers for a significant proportion of its deliveries, and this acquisition will not reduce our commitment to deliver fertiliser on time on behalf of our customers.
“Bunn and Revis have had a long and successful relationship and we look forward to working together more closely.”
John S Revis, director, said: “The opportunity to establish a footprint in East Anglia and take on the experienced Spandler team fits perfectly with our expansion plans. With depots in York, Immingham and Great Yarmouth we now have a presence down the length of the East Coast.”
Ryecroft Glenton Corporate Finance’s Carl Swansbury and Peter Glenton advised Revis Transport on the transaction, alongside Paul Johnson of Irwin Mitchell and Mark Whitaker, who acted as independent advisor to the Revis’. David McIntyre and Tim Brogden of Bibby Leasing provided the funding.
Carl Swansbury, partner at Ryecroft Glenton Corporate Finance, said: “The acquisition of Spandler Bros is the continuation of a successful growth strategy for Revis. The shareholders have a clear vision for how they wish to develop the scale and range of services they can offer their customers and we are delighted to have been able to advise them on this transaction.”