The acquisition – which included Eddie Stobart, Eddie Stobart Europe, iForce, The Pallet Network, and The Logistics People – would create a business with an overall turnover of more than £2.2bn and a combined workforce of about 22,000 members of staff. The terms of the agreement, including consideration, have not been disclosed.
Commenting on the deal, Culina Group chief executive Thomas van Mourik said: “This is an excellent fit which is going to be fantastic for both our staff and for our clients, whilst making Culina Group the largest FMCG logistics provider in the UK.
“It goes without saying that we are acquiring some excellent contracts, facilities and people. This move significantly expands our ambient network and will enable us to benefit from synergies and efficiencies that will improve our service offer to customers even further.”
The acquisition added more than one hundred distribution centres in the UK to the existing Culina Group network, in addition to of the forty plus facilities operated by GreenWhiteStar Acquisitions.
Culina claimed the move would provide job retention, investment and bring an entrepreneurial spirit to the GreenWhiteStar business.
Investment and growth
William Stobart, GreenWhiteStar executive chairman, added “Culina Group recognises that it is investing in a highly successful business with its own great family spirit. Culina Group’s aim now is to support our growth trajectory with the added workforce infrastructure and resources of the overall Group.
“The GreenWhiteStar Acquisitions board are extremely pleased to take the group businesses back to private ownership. The combining of our two businesses will create major opportunities for significantly growing our market share.”
William Stobart will take a seat on the Culina Group Board for the long term as deputy group chief executive.
Meanwhile, Kerry Group has struck a deal to buy preservation technology firm Niacet for £731m as part of its ongoing move to focus on nutrition and ingredients.
GreenWhiteStar takeover: At a glance
- Effective from 1 July 2021
- Combed turnover of more than £2.2bn
- More than 22,000 members of staff
- 1.86m square metres of warehousing space
- Joint fleet of more than 5,500 vehicles