South African conglomerate Imperial Holdings announced in a statement published on June 1, 2016, it will buy Palletways Group, a British firm which delivers palletized freight, for R3.8 billion ($242 million).
Imperial Holdings, which currently operates in logistics, car distribution and rental, and financial services highlighted that it acquiredPalletways from the private equity firm Phoenix Equity Partners Ltd.
Palletways Group, which operates in 20 European countries, delivers around 8 million of palletized freight each year. “The acquisition ofPalletways is in line with Imperial’s stated strategic intent to expand its presence beyond South Africa through the acquisition of asset light logistics businesses,” said the Bedfordview-based group. The deal has to be approved by European antitrust authorities.