Avion buys 55% of Innovate Holdings

Avion buys 55% of Innovate Holdings    Iceland’s Avion Group has continued its expansionist policy by acquiring a 55 percent equity stake in the United Kingdom-based temperature controlled cargo logistics firm Innovate Holdings. No financial details were disclosed.
   The purchase will be financed by a combination of Avion’s subsidiary Eimskip’s equity and debt.
   “This acquisition is part of Eimskip’s strategy to be a leading logistics provider globally. With the purchase of a share in the Dutch cold storage company Daalimpex and now the acquisition of a majority stake in Innovate, Eimskip has become a leading European cold store company,” Avion said.
   Innovate operates 635 trucks and temperature-controlled trailers and 25 cold stores at 11 locations throughout the United Kingdom, providing storage capacity of 370,000 tons. Eimskip’s controlled temperature storage in Iceland is 7,000 tons.
   Innovate has forecast revenue of about '120 million ($227 million) for the financial year 2006-2007, more than double its previous fiscal year
   Avion said Innovate will continue under its existing management, which employs 1,400 people.
   The Avion Group, which had previously concentrated on passenger and cargo aircraft leasing, moved into the shipping and logistics market when it bought Reykjavik-based shipping line Eimskip for ISK23 billion ($327 million) last summer.