92
Transactions
JANUARY 2013
PRIoRItY FREIGHt acQUIRES aWLI GRoUP
Expedited freight transport provider Priority Freight expands its service range by acquiring London Heathrow-based specialist air cargo forwarder aWLI
Priority Freight, a leading expedited freight transport provider expands its service reach by acquiring AWLI Group Limited, a London Heathrow-based specialist air cargo forwarder. The acquisition of the Heathrow forwarding arm of AWLI Group Inc. is a logical strategic move by Priority Freight in order to boost its position as provider of time critical and expedited freight services. With the formalities of the purchase completed on 1st August, the transition of AWLI staff, operations and customer services to Priority Freight has now been successfully achieved.
This investment will integrate the expertise of AWLI and thus reinforce Priority Freight’s key service qualities – speed, reliability and security – and also provide additional flexibility for customers. The merger of the companies shall also provide impetus to Priority Freight’s expansion plans in the industry sectors most commonly demanding expedited freight services such as automotive, aeronautical, marine supplies, energy, pharmaceuticals and others.
The corporate team at leading regional law firm Furley Page Solicitors led by Susan Jennings, Partner and Head of Corporate, acted for Priority Freight Worldwide Limited in its acquisition of AWLI Group Limited.
There were a number of challenges faced during the transaction in terms of both logistics and understanding, as the majority shareholders were based in the US and had no experience of selling an English company.
Aspects also came to light during the due diligence process which could have scuppered the deal and certainly delayed completion, but these were overcome by us working with our client to find a practical solution they could live with. LM
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RUtLand BacKS BUY aS YoU VIEW MBo WItH £33.1M
Rutland Partners, the specialist turnaround and restructuring investor, on 26 october 2012, agreed and completed the acquisition of Buy as You View (BaYV) from a syndicate of banks for a consideration of £33.1 million in an all equity transaction.
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Based in Wales, BAYV is a retail and consumer finance business which sells a range of electrical and household goods to customers who pay on a weekly basis. The business was originally established in the Rhondda Valley in 1972 and over the last ten years has expanded into the Midlands, Scotland and across the north of England. It has a customer base of over 75,000 and staff of 550 spread throughout the regions and at the head office in Bridgend.
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Rutland’s acquisition of BAYV will be the seventh investment from Rutland Fund II (£320 million) and the sixth transaction this year for Rutland following the bolt-on acquisitions by Brandon Hire and Laidlaw Interiors Group in addition to the successful sales of Attends Healthcare, Pulse Home Products and NoteMachine.
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Ben Slatter, Partner at Rutland said: “Rutland’s acquisition of Buy As You View gives the business much needed stability and a firm financial base on which it can return to controlled growth. We are excited by the opportunity to back Adrian Hill and Graham Clarke in their strategy to improve performance and develop the business further.” LM
www.lawyer-monthly.com
Buy as you View
Awli Group
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