Transcend Corporate has originated and advised the shareholders on the sale of £52m turnover Evesons Fuels Ltd (“Evesons”) to NWF Group plc (“NWF”) for an enterprise value of £5m.
Evesons is a fuel distribution company operating from Kenilworth, Southampton, Droitwich and Stratford-upon-Avon. Evesons has been trading since 1860 in Evesons family ownership.
NWF is a distributor of food, feeds and fuel for customers across the UK with a turnover of £379.8 million in the year ended 31 May 2010.
Following the acquisition, Richard Whiting, NWF Chief Executive, has said; “NWF Fuels will deliver over 430 million litres of fuel to over 30,000 customers from 17 sites across the UK.” It is understood that Evesons will be integrated into the NWF business but will still retain the Evesons brand.
John Eveson, shareholder and Evesons’ Managing Director at time of the transaction, comments “Transcend has guided the shareholders every step of the way, from Transcend’s introduction of NWF through to a successful completion. The shareholders are delighted that the company has found a good home with a strategic buyer who will continue to develop the company.”
Trancend’s Ian Curtis commented: “the Evesons business is strong with a good brand and is highly complementary to NWF Fuels. This deal represents the 5th completed deal advised by Transcend since its merger with Aldridge Corporate Advisors last summer.”