Cambridge-based James Dolan Group has bought Ipswich haulage firm Dooley Rumble for an undisclosed sum.
The deal comes 18 months after it snapped up Green & Skinner (Haulage).
Speaking to MT, group MD James Dolan said the deal, which brings the group’s turnover to more than £10m, is part of a strategy to create a national logistics business.
UPN member Dooley Rumble, which provides distribution, warehousing and freight forwarding, was established 30 years ago by former directors Neil Dooley and Simon Rumble.
James Dolan said: “I am proud to have secured two of the most iconic logistics companies in the region. These acquisitions are a very positive move for the group, and we are looking forward to the opportunities and benefits they will bring.
“The expertise of each company complements each other well, and by bringing the two together we can expand our capabilities and resources to benefit our customers.”
He added that Green & Skinner, which is also based in Ipswich, will move over to the larger Dooley Rumble site “as soon as possible”.
Dolan told MT the firm is on the hunt for further acquisitions. “I have six prospective acquisitions on my desk right now,” he said.
He added that he is looking for potential acquisitions in key locations such as Manchester and as far afield as Scotland, to strengthen its national offering.
Candidates for acquisition must meet strict criteria, Dolan added. This includes an annual pre-tax profit of more than £50,000, sustainable sales and strong cash generation, a return on equity of no greater than 10% and low or no debt, unless it can be strategically justified.
Both acquisitions were financed by internal funding from within the group, Dolan said, adding that further funding has been generated by working with UK merchant bank Close Brothers to refinance assets.
Dolan, who launched courier service James Dolan in 2009, said the group’s acquisition spree is driven by the amount of owners in haulage reaching retirement age with no successor in place.
”The opportunities are there and we are not the only company doing that, but unlike others we are not funded by venture capitalists,” he said.
The group, which has a combined fleet of around 55 trucks, is also set to invest more than £1m in purchasing a number of MAN rigid trucks to refresh the fleet.
