Essex-based freight forwarder and haulier Simarco has purchased Longport-Staffordshire based IFB for an undisclosed sum.
Established in 1984, IFB had a turnover of £10.3m in the year to 31 December 2012 and made a pre-tax profit of £451,049, broadly in line with its performance a year earlier.
The freight forwarder, which undertakes European and ADR work, has an O-licence for up to 15 vehicles at its base of operations on Chemical Lane in Staffordshire and a 45,000 ft² facility.
Simarco, MD Simon Reed described the acquisition as a bold statement of intent and confirmed IFB’s directors – Peter Boyd, Stephen Shepley and Raymond Harrison – would be remaining with the enlarged business.
“This is the right deal because it allows two established, award-winning companies with a similar approach to doing business to complement one another and fully realise their combined potential.
“Whereas we have a greater presence across the south of England, IFB is stronger in the Midlands and the North. Together, we can deliver a more complete and more efficient coverage of the entire country,” said Reed.
Shepley said: “There will be no material change in the running of either business other than both will be able to draw on each other’s expertise.”
The combined group is expected to have an annual turnover of around £35m.
Simarco finished the financial year ending 31 March 2013 with a 10.5% leap in turnover to £24.1m and a pre-tax profit of £853,616. It began trading in 1997 and operates overland routes throughout Europe as well as further services by sea and air outside the Continent. It has its head office at Witham in Essex.
