Cathay Investments has acquired Cardiff-based logistics and warehousing firm Rhys Davies and Sons for an undisclosed sum.

Rhys Davies and Sons, which trades as Rhys Davies Logistics (RDL), runs a fleet of 170 vehicles, including 150 articulated trailers, and has more than 560,000 sq ft of warehouse space across nine UK sites.

This latest acquisition by Cathay Investments follows that of Warehouse One Distribution last month.

Announcing the deal, Ben Chaing, chief executive of Cathay, said: “We are delighted to announce our acquisition of RDL.

"RDL has always been determined to build long-term partnerships and exceed customer expectations.

"They will work together with our warehouse and logistics providers, WH1 and Amethyst Group, along with our freight forwarders PNC Global Logistics UK,  to expand our logistic business nationwide and enhance the range of services we can offer.”

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Mark Richmond and Stephen Thomas, former owners of Rhys Davies said: "Cathay’s acquisition of RDL should come as very welcome news to our loyal customers, long standing partners and valued and talented employees.

"This investment will enable RDL to flourish into the future and will facilitate the realisation of the ambition shared by both outgoing and incoming owners.

"Ben and the Cathay team have a real passion for logistics and we are confident that exciting times lie ahead. RDL will continue to provide nationwide transport services whilst its warehousing and logistics capabilities will undoubtedly be bolstered as a consequence of this deal.”