The former owners of TDG, Douglasbay Capital, have acquired a 51% stake in Stobart Group's transport and distribution division for £280.8m in a move that will create a new private firm: Eddie Stobart Logistics.
As part of the deal William Stobart becomes chief executive of the new firm, while Stobart Group - which retains a 49% holding in Eddie Stobart Logistics - also retains the well-known brand via a licence agreement, as well as the alignment of 8% of the total vehicle fleet for its Stobart Biomass fuel supply business.
William Stobart said: “I really welcome this investment from Dbay and look forward to heading up the new partnership as CEO. Dbay have a strong track record of working with existing management teams within businesses, as they will do with us, to help drive growth.
“We already have an extremely loyal customer base who we look forward to continuing to work with. It is an exciting time for us to grow this business and I am looking forward to this next stage and the opportunities that it will bring for our employees and customers,” he added.
Iain Ferguson, chairman of Stobart Group said: “This transaction represents an important step in the realisation of value for shareholders. We have found a strong partner to take Eddie Stobart Logistics to the next stage of its development, increasing the scope of the powerful ‘Eddie Stobart’ brand and allowing the Group to focus on its Infrastructure and Support Services divisions.
Andrew Tinkler continues in his role as CEO of Stobart Group. Eddie Stobart listed on the stock exchange in 2007 by merging with property company Westbury Property Fund.
For more detail on the deal go to Motortransport.co.uk and register for the site for free.
