Transport and plant hire services specialist Explore Transport has acquired a majority share in Wellingborough-based Prigmore Haulage for an undisclosed sum.
Family firm Prigmore Haulage, which was launched by Patricia Prigmore in 2000, has an operating licence for 16 trucks and 20 trailers, and has a fleet which ranges from 7.5-tonne vehicles up to 44-tonne artics. The company specialises in general haulage, as well as the transport of hazardous waste and ambient bulk foods.
Explore Transport and Plant Hire, which is based in Worksop, Notts, has a fleet of 150 trucks and 6,000 plant hire assets. It operates from seven depots around England, most of which are in the Midlands, and specialises in construction logistics and plant hire.
Patricia and husband Kenneth Prigmore will retire from the business following the partial share-sale to Explore Transport and Plant Hire, which gives Explore control of more than 50% of the company’s shares.
Katherine Prigmore, daughter-in-law of the founders, who joined the business in 2015, is staying on with her husband, Richard, following the transaction. They also have shares in the business.
She praised the part played by Adam Nelson, KBS Corporate deal executive, in helping bring the two companies together and sealing the deal. KBS Corporate advises on mid-market mergers and acquisitions.
She said: “The partial sale of Prigmore Haulage has allowed my in-laws to retire and my husband and myself to continue running the company.
“We have partnered up with a larger company with aspirations to continue to grow on a larger scale than we could have imagined.
“KBS have been honest throughout and there when we needed them. When the offer came through, Adam talked us through the whole process and ensured he had our best interests at heart. This allowed for a quick and easy sale which has taken two months from offer date to completion.
“We are very happy with their service in general from marketing through to sale, enabling Prigmore Haulage to go on and flourish and allow my in-laws to retire in the knowledge their legacy will continue.”
Nelson added: “Prigmore Haulage stood out as it has a strong 20-years-plus history which has helped it to develop a great reputation.
“Through achieving a deal, Patricia and Kenneth Prigmore are now able to step back and retire, while Katherine and Richard can accelerate the business forward with the partial share-sale. I believe this has allowed the family to meet their expectations and move on to their next chapter.
“Explore Transport’s interest was discovered through KBS and we have achieved a very timely deal due to great efforts from all involved.
“I’m happy we have achieved the deal the Prigmore family were looking for and I’m excited to see how the business develops. I wish all parties the best of luck moving forward.”
Nelson also praised the “excellent job” done in providing support and expertise on the deal by Adam Gilbert, Deni Slaveva and Harriet Woolley of AG Corporate Law.