Xpediator buying Anglia Forwarding Group
Xpediator has agreed to buy the Essex-based international freight forwarder Anglia Forwarding Group.
In a statement sent to Post&Parcel today (4 June), Xpediator said: “The initial cash consideration payable upon completion is £1.5 million, plus a further cash payment reflecting AFGL’s surplus working capital position at completion estimated to be approximately £700,000. Deferred cash consideration of up to £2.0 million may also be payable contingent on profits generated by AFGL over the two years ending 31 May 2020.”
This will be Xpediator’s third acquisition since its initial public offering (IPO).
AFGL generated unaudited revenue of £13.5m and normalised operating profit in excess of £400,000 for the year ended 31 July 2017. The company has its headquarters and warehousing in Rainham, Essex and branches in Birmingham, Felixstowe, and Heathrow airport On completion, the enlarged Group will operate from 10 sites in the UK together with 11 European offices employing more than 780 people.
Stephen Blyth, Xpediator CEO, commented: “Anglia Forwarding is an exciting addition to the Xpediator Group, which will significantly strengthen our air and sea freight operations as well as add complementary European road routes. From Xpediator’s side, we will be able to offer Anglia’s customers the complete range of our services, especially warehousing and fulfilment which we believe can add significantly to the Anglia business.”