Ferry operator Stena is set to take complete ownership of Swedish transport and logistics company NTEX, which has 20 depots across 12 countries, including five in the UK.
Stena said the move is part of a strategy to better understand the logistics market and how it operates in different markets.
The deal sees the ferry operator purchase the final 25% of NTEX, after buying 75% of the logistics company in 2020.
NTEX is one of Sweden’s largest logistics firms and has an annual turnover of approximately £286m.
The logistics operator employs over 1,000 employees and operates a fleet of around 1,500 trucks, it specialises in warehousing and international distribution.
In the UK NTEX has operating licences for a fleet of 160 trucks and 90 trailers and depots at Bristol, Glasgow, Grimsby, Immingham and Nottingham.
It bought Bristol-based Sureway Express Transport in 2022 and opened its fifth depot in Nottingham in January last year, as part of wider plans to further expand its operations in the UK, where it has said it sees “great growth potential.”
Niclas Mårtensson, Stena Line chief executive and chairman of the board of NTEX, said: “NTEX is a fantastic company that is well established in both transport and logistics and that offers a complete solution to its customers.
“The main reason for this acquisition is that we wish to gain a greater understanding of how large transport companies operate in different markets.
“By owning and running companies, our understanding of our customers and where the market is going increases, which allows us to optimise Stena’s product portfolio.”
Thomas Ström, NTEX founder and chief executive of NTEX, said: “It is, of course, with mixed feelings that I am selling the remaining part of what I started and built up.
“I want to express my deep gratitude to all employees. It is an incredible group of people that I have had the honour to hire and work with, and their efforts have been critical to the success we have achieved.”
