Tue, 03 Jan 2023 | BUSINESS SALE
McBurney Transport, a haulage company based in Ballymena, Northern Ireland, has been acquired by Danish logistics giant DFDS in a deal valued at around £138 million. The deal value represents approximately a 9x multiple of McBurney’s 2021 gross profits of £15.2 million.
Last year, the company reported turnover of £99.7 million (up from £92.1 million in 2020) and post-tax profits of close to £7.8 million (up from £6.1 million in 2020). At that time, the company’s fixed assets were valued at £32 million and current assets at £41.4 million, with net assets totalling £35 million.
The acquisition comes during a period of growing M&A activity in the logistics sector, with firms increasingly targeting deals, despite confidence within the industry falling.
McBurney Transport was founded in 1965 and has grown to employ over 800 staff across the UK and Ireland, operating a fleet of around 400 trucks and 1,360 trailers, approximately two thirds of which are refrigerated.
The company’s focus is on transporting trailers between Great Britain and the island of Ireland, mainly carrying chilled goods in temperature controlled units. The firm also operates a subsidiary, Bondelivery, which provides warehousing facilities in Northern Ireland focusing on last mile delivery across Ireland and retail sector fulfillment.
The acquisition sees the company move from family ownership to join DFDS, one of the world’s biggest logistics groups. Company founder Norman McBurney OBE said that joining DFDS, which is based in Copenhagen and provides transport and ferry services across Europe, would generate opportunities for the firm.
McBurney commented: “By becoming part of DFDS we gain access to new development opportunities. I am certain the wider market coverage, including access to DFDS’ extensive transport network, will benefit our many longstanding customers. I am confident that our many loyal and dedicated employees will be comfortable and happy after this transaction.”
DFDS CEO Torben Carlesen said the takeover was a strategic fit with the group’s cold chain logistics offering. Carlesen commented: “The acquisition of McBurney Transport Group greatly enhances the scope of our customer offerings on the island of Ireland and in the UK, particularly towards the resilient food sector. It also brings considerable scale to our existing operations in the region.”
Read more about the growing M&A trend within logistics.
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