Avion’s Innovate Holdings buys Corby Chilled Distribution
United Kingdom-based temperature controlled cargo logistics firm Innovate Holdings, part of Iceland’s Avion Group, has acquired the entire share capital of compatriot firm Corby Chilled Distribution Ltd. for '28.5 million ($53.3 million).
The purchase price includes the assumption of Corby’s net short-term debt of about '500,000 ($935,835).
Corby was established in 1993 and has long standing relationships with many of the key U.K. food retailers, manufacturers and growers. In the fiscal year ending April 30, Corby posted revenue of '51.1 million ($95.6 million) with net assets of '8.6 million ($16.1 million), including freehold properties with a book value of '5.8 million ($10.9 million) and an estimated investment value of '13.1 million ($24.5 million).
As part of the transaction, Corby’s management team will be integrated into the Innovate management structure with Iain Stewart, managing director of Corby, becoming chief operating officer of the enlarged chilled division of Innovate Logistics.
Avion, via its Eimskip division, acquired in May a 55 percent equity stake in Innovate Holdings.
“This acquisition furthers Eimskip’s strategy to be a leading logistics provider globally, adding to its existing U.K. cold store infrastructure a strong road transportation and cross dock hub network with comprehensive coverage of the U.K. and substantial capacity for growth,” Avion said in a statement.
Avion’s Innovate Holdings buys Corby Chilled Distribution
