Fri, 07 Feb 2025 | BUSINESS SALE
JST Ports & Logistics Holdings Ltd has bought Essex-based RFS Works Ltd, backed by £11.7 million funding from Cynergy Business Finance.
Ayr-based JST specialises in providing neutral port handling and associated logistic solutions throughout the UK and Ireland.
RFS is also a specialist provider of integrated material handling services with a particular strength in rail logistics. It was founded in 1978 and has worked on a number of iconic UK projects such as the Channel Tunnel link, Terminal 5 at Heathrow and the 2012 London Olympics where it supplied aggregates for the construction of the Olympic Park.
The finance, both receivables and plant and machinery (P&M) provided by Cynergy Business Finance, equipped JST with the necessary capital to part-finance the acquisition. The combined new business has over 200 employees, a fleet of over 100 machines, and combined revenues of around £40 million. It also enables JST to expand its reach across the UK, both in terms of broader network, and volume of hubs.
Richard Jennings, CEO of JST Ports & Logistics Holdings said: “This acquisition marks a significant milestone for us as we continue to grow and diversify our operations across the UK. With the support of Cynergy Business Finance, we’ve been able to unite two industry-leading companies, broadening our service offering and creating new opportunities for future expansion. We’re excited to embark on this next chapter and deliver even greater value to our clients.”
Maxine Hennessy, corporate sales director at Cynergy Business Finance, said: “JST is a well-established organisation with a broad customer base. Their position in the market is significantly bolstered through its acquisition of RFS. The funding provided demonstrates our commitment to empowering businesses with the right financial solutions they need to achieve their growth ambitions. We’re proud to play a role in JST’s continued success.”
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