Xpediator has acquired North Yorkshire-based freight forwarder Nidd Transport for £4.6 million.
Established in 1984 Nidd specialises in daily express deliveries to mainland Europe by road with a focus on France, Spain, Portugal and Germany as well as providing distribution in the North of England.
Nidd generated revenue of £11 million and an operating profit of £500,000 during the year ended 30 April 2020. It has net assets, include freehold property of its headquarters and warehouse valued at £2.1 million, and current cash reserves of approximately £2 million. It employs 65 people.
Xpediator Chief Executive Robert Ross said: “We have known Nidd Transport for some time and its reputation for being an excellent regional freight forwarder. I am therefore delighted Tony has chosen to entrust us with the future of his business and all the people who work for Nidd. Our aim is simply to continue to grow the company and we are confident we can do so.
“Our client bases are similar but do not have significant overlap and while our services our comparable our geographic focuses are different. There are therefore immediate opportunities to provide greater geographic coverage to both client bases and we expect both existing client bases to benefit from the enhanced service offerings.”
Xpediator said there would be minimum integration costs and the business will continue to operate under the Nidd brand.
Nidd managing director Tony White intends to retire after a handover period and Nidd will continue to be run by the current management team.
White said: “It was important to me to find the right buyer for our company and I believe we have done so, ensuring it’s long term success with a bright future for the loyal team of colleagues that have supported me over the years.
“While I am stepping away from the business I believe, by becoming part of the Xpediator Group, the future prospects for Nidd will be enhanced, in terms of continuing to provide our clients the high quality service they have enjoyed, together with being able to offer expanded services which will also create opportunities for the business to gain new clients.”