Sun Capital Partners has abandoned its interest in making a bid for Clipper Logistics.
Clipper executive chairman Steve Parkin, who founded the company in 1992 and owns nearly a third of its shares, was understood to be preparing a £300m bid with the Florida-based private equity firm to take Clipper off the stock market.
However, following an extension to the bid deadline to allow further discussions, Sun Capital has announced it is no longer considering an offer.
Sources suggest the deal stalled when some of the existing institutional investors wanted a higher share price than Sun Capital was prepared to pay.
It has been reported that Parkin is still interested in taking the company private after becoming frustrated with the need for City procedures, which have hampered the day-to-day running of the firm.
- Clipper has landed a five-year contract with fashion retailer Joules. In a joint statement the two companies said the deal will involve a fast-moving fulfilment and logistics operation involving inbound deliveries from a variety of UK-based and international suppliers seven days a week, fulfilling orders for Joules’ stores, e-commerce and wholesale customers. Clipper will take over the operations of Joules’ DC in Corby, Northamptonshire, in the next few weeks, following a staff consultation period.
