KBS Corporate has advised on the successful sale of Staffordshire Fuels Ltd by specialist agriculture and distribution group, NWF Group plc.
Based near Stone, Staffordshire fuels distribute 32 million litres of fuel each year across the domestic, agricultural and commercial sectors. The business will continue to operate as a standalone fuel depot following the takeover.
Cheshire-based NWF Group was established in 1871 and has since grown into the UK’s third largest distributor of fuels, delivering over 400 million litres to 59,000 customers. Through NWF Agriculture and Boughey distribution, the company has also grown into a leading national supplier of ruminant animal feed as well as one of the UK’s foremost consolidators of ambient grocery products.
Richard Whiting, chief executive of NWF Group, said: “We are pleased to announce the acquisition of Staffordshire Fuels, a high quality business with a strong brand.
“The acquisition is in line with our growth strategy, increases our penetration in Staffordshire and the West Midlands and will be earnings enhancing in the first full year.”
KBS Corporate targeted no less than 66 potential suitable buyers for Staffordshire Fuels, resulting in 15 interested parties from a large mix of PLCs, trade buyers and MBI candidates including one overseas buyer.
The opportunity generated 5 unique offers, with the final deal value representing an 8x multiple of EBITDA.
Financial Director at KBS Corporate, Andrew Melbourne, acted on behalf of our clients and commented, “It was important that we retained an excellent relationship with both our client and the representatives of NWF Group throughout the process. We are delighted that we managed to secure a deal that exceeded our client’s objectives within his preferred timescales, allowing him to retire but also retaining his sons within the business going forward.”