The Ferguson Group has announced that it has been acquired by Brambles Ltd for an enterprise value of £320m.
Brambles is a supply-chain logistics company operating in more than 50 countries, primarily through the CHEP and IFCO brands. The comapy specialises in the pooling of unit-load equipment and associated services, focusing on the outsourced management of pallets, crates and containers. Brambles primarily serves the consumer goods, dry grocery, fresh food, retail and general manufacturing supply chains. In addition, Brambles owns specialist businesses serving the automotive, aviation and refining sectors. Brambles employs more than 14,000 people and owns approximately 470 million pallets, crates and containers through a network of approximately 850 service centres.
The acquisition of the Ferguson Group, with its fleet of more than 18,500 offshore cargo carrying units (CCUs), freezer food containers and accommodation units deployed worldwide, is an excellent fit for the stated Brambles strategy of related diversification within the logistics support sphere. This development will allow Ferguson Group to further increase its investment into its fleet and expand its range of services worldwide.
The Ferguson Group brand, which is well-recognised for quality of service, support and for the standard of its asset fleets, will be maintained as a distinct business stream within Brambles.
Steven Ferguson said: "As a proprietary standalone business, the Ferguson Group has grown very significantly in recent years and it was becoming clear that in order to maintain this momentum in the current market, new sources of finance and access to skills was required. The time is therefore right for some new owners for the group; owners with the status and financial muscle of Brambles, which will enable the business and the people within it to continue to flourish and grow as part of a broader listed entity."
Brambles, originally founded in 1875 in New South Wales, Australia, trades on the ASX with a current market capitalisation of A$15bn.