Freight management firm Xpediator has acquired North Yorkshire haulier and freight forwarder Nidd Transport for £4.6m.
Palletforce founder member Nidd Transport specialises in daily express road deliveries to France, Spain, Portugal and Germany as well as in the North of England.
Nidd Transport will continue to operate under its own brand and be run by the current management team. Founder Tony White will retire after a handover period.
Founded by White in 1984, the company employs 65 staff and uses a mix of its own fleet of 45 vehicles and trailers and subcontracted vehicles.
Xpediator, which provides freight management services across the UK and central and eastern Europe, said the deal gives it the ability to expand into markets in western Europe, the opportunity to cross-sell Xpediator's services to Nidd's customer base and maximise carrying capacities to and from Europe and across the UK.
According to its annual results to the year ending 30 April 2020, Nidd delivered revenue of £11m, operating profit of £500,000 and profit after tax of £400,000.
The Ripon-based firm also brings freehold property to the deal including its headquarters, a warehouse valued at £2.1m and cash reserves of approximately £2m.
Robert Ross, Xpediator chief executive said: “We have known Nidd Transport for some time and its reputation for being an excellent regional freight forwarder.
“I am therefore delighted Tony has chosen to entrust us with the future of his business and all the people who work for Nidd. Our aim is simply to continue to grow the company and we are confident we can do so.
“Our client bases are similar but do not have significant overlap and while our services are comparable our geographic focuses are different. There are therefore immediate opportunities to provide greater geographic coverage to both client bases and we expect both existing client bases to benefit from the enhanced service offerings."
Nidd MD Tony White said: "It was important to me to find the right buyer for our company and I believe we have done so, ensuring its long-term success with a bright future for the loyal team of colleagues that have supported me over the years.
“While I am stepping away from the business I believe, by becoming part of the Xpediator Group, the future prospects for Nidd will be enhanced, in terms of continuing to provide our clients the high quality service they have enjoyed, together with being able to offer expanded services which will also create opportunities for the business to gain new clients."
