A Peterborough-based storage and distribution business has just been bought in a deal worth nearly £12 million.
Tesam Distribution, which operates from three sites in Peterborough and employs more than 250 people, has been acquired by Clipper Logistics.
According to details from the London Stock Exchange, Clipper has paid £11.75 million for the issued share capital of Tesam Distribution with assets acquired including £3.4 million in cash and a freehold property to be sold after the deal is completed for about £2.7 million.
Created 33 years ago, Tesam, which last year had a revenue of £19.6 million, was largely owned by managing director Stephen Smith who becomes a consultant to the group.
Other management team members will remain as full time employees.
Clipper plans to increase capacity at the key site at Ivatt Way, in Westwood, through the installation of mezzanine floors and additional racking and handling capability.
Steve Parkin, executive chairman of Clipper, which is a provider of logistics solutions and e-fulfilment to the retail sector, said: “Tesam is a successful and robustly profitable and cash generative business which we have known for some time.
“The acquisition, coupled with our planned investment in additional capacity, will enable us to offer existing and prospective customers greater operational flexibility.
“We welcome the employees and management team to the Clipper Group and look forward to continuing to build the breadth and depth of our services and customer base.”