Witham: Logistics company Simarco expands with aquisition of IFB
12:17 11 April 2014
Essex logistics group Simarco has expanded with the acquisition of Stoke-on-Trent-based freight and warehousing operator IFB.
The deal, which will see all three of IFB’s directors remain with the business, will take Simarco’s annual turnover to more than £35million, although the value of the transaction has not been disclosed.
Simarco, which is based in Witham and already has offices in Northamptonshire, Staffordshire, Greater Manchester and Merseyside, operates overland routes throughout northern and southern Europe and sea and air services further afield.
Founder and managing director Simon Reed said the acquisition of IFB would strengthen Simarco’s national coverage and described it as “a bold statement of intent to develop business and improve standards in the domestic freight industry”.
He added: “This is the right deal because it allows two established, award-winning companies with a similar approach to doing business to complement one another and fully realise their combined potential.”
Simarco was advised by a team from the Ipswich office of accountants Ensors, led by David Scrivener with Neil Meekings and Sophie Goulding assisting, and by lawyers from Essex-based solicitors firm Birkett Long, led by David Wisbey and aided by Tim Ogle.