Selling Your Distribution and Logistics Business

Crocodile Stores Ltd

Crocodile Stores has been sold to TransGlobal Freight Management in what Charles Needham, the KBS Corporate Transaction Adviser who oversaw the deal, described as “near enough a perfect horizontal acquisition”.

Founded by Matt Kirby in 2002 as an e-commerce retailer of toys and other products for children before transitioning to distribution, Crocodile has formed associations with major carriers including Amazon and Shopify to store their stock and ship parcels.

The opportunity attracted a very high level of interest from trade and private equity buyers, and a competitive bidding process culminated in the successful offer from Trans Global.

Operating from several UK locations as well as India and China, Trans Global, which was formed in 1970, saw strong potential for Nottingham-based Crocodile to thrive under new ownership.

“The company is in a great position for someone to grow it while allowing the founder to concentrate on running the business,” explained Charles Needham. “Investment in infrastructure could lead to a great deal of growth for the company over the coming years.

“The main appeal of Crocodile to TransGlobal was that it was near enough a perfect horizontal acquisition. The buyer mentioned that the operations of Crocodile are exactly what they are doing at a couple of their own sites.

“I’m delighted for our client to see him achieve a successful sale as we had a great working relationship throughout the process, which ran smoothly from the outset. TransGlobal were very willing and open as a potential acquirer throughout and a pleasure to work with.”

Charles also praised the work of KBS Corporate colleague Danae Glover, Document Writer, for producing impressive marketing materials which “must have grabbed the buyer’s eyes immediately”.

Floyd Schofield Haulage Ltd

Big plans are being made for Floyd Schofield Haulage following the company’s sale to DAA Transport in a deal overseen by Luke Rae, KBS Corporate Deal Executive.

Floyd Schofield, based in Settle, North Yorkshire, was established in 2014 and serves the bulk and general haulage market across the UK.

After substantial interest from both trade and private equity acquirers with 49 parties initially coming forward, Floyd Schofield was sold to DAA Transport Ltd – joining the parent company’s existing businesses SL Transport (UK), Norman E Webb Ltd, Norman E Webb Logistics and Linney Refrigerated Transport, although the last-named was consolidated in 2023 and no longer operates as a separate entity.

With a strong presence in the South of England, DAA was eager to become established further north – hence the appeal of Floyd Schofield.

“Floyd Schofield Haulage has a well-established reputation in the haulage industry and is an ideal company to join our existing portfolio, expanding our reach to the North of England,” explained Jon Dando of DAA Transport.

“The primary appeal was the company’s strong local presence and expertise in the North Yorkshire region. This acquisition aligns perfectly with our strategic goals of geographical expansion and enhancing our service capabilities.

“Floyd Schofield Haulage has a well-established customer base and a reputation for exceptional service, which complements our commitment to offering comprehensive and customer-centric transport solutions. Additionally, its specialisation in bulk haulage services provides us with an opportunity to diversify our offerings and better serve a wider range of client needs.”

Prospects for growth look bright under the new ownership, with the target being to set “new benchmarks” in the transport and logistics sector.

“The acquisition of Floyd Schofield Haulage represents an exciting chapter and aligns with our commitment to strengthen our position in the market and grow our fleet in 2024,” added Jon Dando.

“The outlook for the business is extremely positive. We are committed to investing in the growth and development of Floyd Schofield Haulage, ensuring it continues to thrive and serve its customers with the same level of dedication and quality.

“Our combined expertise and resources will enable us to enhance our service offerings, innovate in our logistical solutions and expand our reach to new markets.

“We are excited about the synergy between the two companies and are confident this will lead to increased efficiency, improved customer service and overall business growth. We look forward to a future where we set new benchmarks in the transport and logistics sector together.”

Luke Rae was equally delighted to have found a new home for Floyd Schofield Haulage following the hard work put in by all those involved in the transaction.

“It’s a fantastic opportunity for the business to grow as part of a larger group,” said Luke.

“Both parties worked diligently to get the deal across the line. I’m extremely proud to bring the sale to a successful conclusion.”

McNicoll Vehicle Hire Ltd

Joe Norris, Associate Corporate Director at KBS, has advised on the sale of commercial leasing company McNicoll Vehicle Hire to Avis Budget Group.

Founded in 1971, McNicoll is one of the largest vehicle hire companies in Scotland, boasting a fleet of over 1,400 vans, cars and buses.

Operating with offices in Edinburgh, Newbridge and Livingston, McNicoll has cemented itself as a market leader and received Business Reporter’s Best of British Award 2022.

“McNicoll was very attractive from a profitability perspective and due to its modern, well-maintained fleet of vehicles,” said Joe Norris.

“There was a great opportunity for a buyer to seamlessly integrate McNicoll’s fleet into their own without the need for repairs and replacements.”

Directors David and Gillian Stewart instructed KBS Corporate on the sale of McNicoll as they believed it was the right time to partner with a larger firm and push the business to its next level.

Sara Fletcher, Senior Corporate Document Writer at KBS, worked alongside the shareholders to create engaging marketing materials that highlighted McNicoll’s strengths.

Sara advised: “When marketing the business, it was important to focus on McNicoll’s status as Scotland’s largest vehicle rental company, highlighting its substantial fleet of vehicles and long-term customer relationships to establish it as an opportunity with scope for further growth.”

McNicoll generated significant interest across the commercial leasing M&A market, with the successful offer being received from Avis Budget Group.

With operations in 180 countries, Avis is a global organisation in the leasing and rental sector, benefitting from an international fleet of 655,000 vehicles.

McNicoll will join Avis’s 10,250 rental locations, becoming a Scottish base from which Avis will pursue further expansion.

Alan Oliver-Smith, Avis’s UK General Manager, said: “Investing in Scotland, broadening our vehicle rental offering and working alongside a locally owned and well-renowned business is a core focus for us.

“As we venture into this exciting partnership, we look forward to building on the McNicoll team’s passion and expertise for short-term and long-term vehicle hire.”

David Stewart, McNicoll’s Managing Director, added: “The values of Avis are strongly aligned with those of McNicoll and our combined vision for the future gives our talented local staff amazing opportunities to develop their careers.

“By combining the strengths of the two companies, we can provide our loyal customer base with an even better rental experience whilst also attracting new customers across Scotland. We’re very much looking forward to a bright future.”

Commenting on Avis’s acquisition, Joe Norris said: “Avis is one of the largest vehicle rental companies in the world, so this feels like the perfect fit for McNicoll.

“Avis was attracted to McNicoll’s extensive fleet, strong customer relationships and sustained growth over recent years. I am delighted with the outcome we achieved for David and Gillian in terms of the value generated and the new home we have found for their business.”