Thu, 22 Dec 2022 | BUSINESS SALE
Agriculture and distribution firm NWF Group has announced the acquisition of fuel distributor Sweetfuels Ltd in a deal worth £10 million. The acquisition of Sweetfuels, a 20 million-litre distributor based in Oxfordshire, adds a 26th depot to NWF’s growing UK presence as it continues to pursue M&A growth and geographic expansion.
NWF’s strategy sees it target consolidation in the UK’s highly-fragmented fuels market and, following the acquisition of Sweetfuels, the company says that it has a “healthy” pipeline of future M&A prospects.
Sweetfuels is based in Faringdon, Oxfordshire and primarily serves domestic customers across the Cotswolds, covering Oxfordshire, Gloucestershire, Berkshire and Wiltshire. NWF expects the acquisition to be immediately earnings enhancing for the group.
NWF Group CEO Richard Whiting says that the company has a “strong platform” for further growth, as it continues to leverage its expanding geographic footprint and targets further M&A activity.
Whiting added: "We are delighted with our performance in the first half and to announce the acquisition of Sweetfuels which adds a 26th depot to our UK footprint in an attractive new geography for NWF.”
"The industry remains highly fragmented, with many small operators, which provides us with further opportunities to consolidate the market and increase our market share. Our pipeline of acquisition prospects remains healthy and this remains a focus for our development activity."
In its accounts for the year ending August 31 2021, Sweetfuels’ fixed assets were valued at £545,387, while current assets were valued at around £3.21 million. The company’s net assets at the time amounted to slightly over £2.8 million.
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