NWF fuels up with Evesons acquisition
NWF, the Cheshire-based food and fuel distributor, has acquired Warwickshire-based Evesons Fuels for a consideration of £3.3m. NWF said that the buyout will increase its fuels division’s volume by more than 20 per cent and will help expand its operations across the UK.
Evesons has been trading for 150 years and operates from four sitesin Kenilworth, Droitwich, Long Marston and Southampton. Its Kenilworth headquarters comprises an 80 million litre fuel distribution depot.
NWF said that it will integrate the business into its existing 13 depot structure and will retain the Evesons brand.
For the year ended May 2010, Evesons delivered revenue of £51.8m and operating profits of £100,000.
The consideration of £3.3m is on debt free, cash free basis with a normal level of working capital, said NWF.
Richard Whiting, chief executive of NWF, said: "Trading since our trading update in December has continued in line with management expectations and we are excited by the opportunities that this acquisition provides.
"It represents an excellent significant bolt on to our fuel division's operations expanding our geographic coverage and serving a good customer mix from a well-invested business. Following the acquisition, NWF Fuels will deliver over 430 million litres of fuel to over 30,000 customers from 17 sites across the UK."
