Manchester-based freight forwarder and ADR transport specialist Ital Logistics has undergone a management buyout.
The deal sees the management team buy a 75% shareholding in the business for an undisclosed sum.
The sale to Ital Holdings Management sees the transfer of a 75% stake in Ital Holdings (UK), which consists of both Ital Logistics and its sister company Ital Transport (UK).
Dean Emsley will take over as managing director with founder Phil Denton adopting the role of group chairman.
The business was established 22 years ago by Denton and Dianne Denton-Morley. It was initially a freight forwarding service with Italy, expanding over the years to include Spain, Portugal, Greece, France, Malta, and Germany, with a specialisation in the carriage of dangerous goods.
The company also specialises in sea and air freight, Europe-wide general forwarding services and offers a UK domestic transport services including the carriage of dangerous goods.
Dean Emsley, who joined the business in 2009, said: “The last two years have posed many challenges with both Covid and Brexit. However, with commitment from our colleagues we have surpassed all expectations.
"I am proud of the hard work contributed by all in overcoming the associated difficulties and am relishing the opportunity to drive the business forward as the new managing director.”
Commercial Director Mike Whitney adds: “Despite the challenges of Brexit and the increase in red tape we have grown all of our trade lines along with the newly formed sister company Ital Transport (UK) Ltd.
"This has led to us building the team from 28 to 50 people and turnover since 2019 has also increased by a third. We anticipate a turnover in the region of £20m this year and we are confident that the future looks very bright for the business going forward.”
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Commenting on the sale to the management team Phil Denton said: “In considering our exit strategy, our primary objectives were to ensure the stability of the company by continuity, brand retention, maintaining organic growth, and above all protecting jobs.
“We are fortunate to have an incredible team who have always worked tirelessly, and with dedication, even more so through the last couple of years when the going has certainly been tough with the challenges of both the pandemic and Brexit.
“The new management team have big ambitions, drive and new ideas, to take the company forward. Dianne and I are confident that with the continued support of both of us and those around them, they will achieve their goals.
"We will continue to provide a quality, reliable and personalised service with openness, honesty and integrity. This mantra has served us well for the last 22 years and will continue to do so for many years to come.”
Nilesh Modhvadia, audit director at accountancy firm Cowgills, oversaw the dea. She commented: "We are proud to have supported Ital Logistics with this transaction.
"The business has seen impressive growth over the past couple of years with this trend continuing during the current year, and with the new management team in situ, we look forward to seeing the business go from strength to strength.”