Freeths Advises Eddie Stobart Logistics Plc on the Acquisition of The Pallet Network and Share Placing
Freeths LLP is delighted to announce that it has provided legal advice to Eddie Stobart Logistics plc on the acquisition of The Pallet Network together with a share placing to support the transaction and for general corporate purposes. The total consideration for The Pallet Network is up to £52.8 million, on a cash and debt free basis, and the successful placing raised £30m to fund part of the acquisition.
The Eddie Stobart Logistics’ group is a leading UK logistics and supply chain group whilst The Pallet Network is a leading provider of pallet distribution services; Alex Laffey, Chief Executive Officer of Eddie Stobart Logistics plc, said that the transaction would significantly enhance Eddie Stobart’s capabilities in a space in which it does not currently operate and consequently offers cross-selling opportunities to serve its clients’ growing needs.
Freeths fielded a cross site team, led by Dahren Naidoo and supported by senior associate Francis Dalton, and solicitor Rosanna Brown.
Dahren Naidoo commented: “The Pallet Network clearly adds to Eddie Stobart’s services and we are delighted to have supported them on this important transaction.”
Rupert Nichols, Director of Corporate Affairs of Eddie Stobart said: “The Freeths team did a brilliant job delivering solutions-focused professional and technical advice across a wide range of complex topics; all helping to drive the transaction to a successful conclusion.”
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