Birketts advises Palletforce PLC on £30m sale to EmergeVest
Birketts LLP, the top 100 law firm based in the East of England, has advised leading pallet network business Palletforce on its sale to international private equity firm Forcefield Bidco Limited, a company set-up by Hong Kong based EmergeVest. The £30m acquisition has now received shareholder approval and completed the necessary legal process.
Palletforce, which has a customer base spread across most industrial and retail sectors, operates from a best in class central hub in Burton upon Trent and has depots across the UK including the East of England region.
EmergeVest already has interests in the UK logistics and transport sector having recently purchased NFT Distribution. The partnership will also create exciting international commercial opportunities for Palletforce and lead to the emergence of the company onto the global stage.
Birketts advised on all legal matters and Adrian Possener, partner and head of Birketts’ company commercial team in Norwich, led the award-winning corporate team. Assistance on the deal was provided on a range of legal services by colleagues in the corporate, commercial property and tax teams, including Lottie Fletcher, Melissa Loucas and Karl Pocock.
Speaking on the transaction, John Brotherton, chairman of Palletforce, said: “I believe we have the ideal partner to help us open up exciting new market and commercial opportunities, especially across Asia. Our vision is for Palletforce to become the world’s leading pallet network and today’s news takes us one step closer to that goal.”
He added: “This was a complex and prolonged transaction, which Birketts handled competently and in an efficient manner."
Adrian Possener, said: “This is notable transaction for the region - a public company takeover by scheme of arrangement is a rare animal in the East of England region. To be selected as the adviser is a significant endorsement of the team’s credentials.”
He added: “I am delighted with the way that we met Palletforce’s needs and the demands of a very complex transaction, and that we continue to be a part of this international success story.”