Wed, 19 Jan 2011 | BUSINESS NEWS
The Cheshire-based NWF Group, which supplies and distributes food, fuel and animal feeds, has expanded its fuel offering by 20 per cent with a major acquisition.
The group has acquired Evesons Fuels, which supplies 80 million litres of fuel annually to both commercial and domestic clients from its depots in Southampton, Long Marston Kenilworth and Droitwich.
Evesons has also built up a fleet of 21 oil tankers since it began trading more than 150 years ago, alongside revenues of £51.8 million.
NWF Group purchased Evesons for £3.3 million and in doing so, added 20 per cent to its own annual fuel volumes and cemented its position as the fourth largest fuel distributor in the country.
Analyst Peter Ashworth from Charles Stanley Securities, who assisted in brokering the deal, said, "The acquisition of Evesons Fuels is consistent with the group's ambitions in seeking bolt-on acquisitions as well as start-ups in this division."
Ashworth also predicted that NWF's pre-tax profits would rise in 2012 and 2013 as a direct result of the acquisition, with earnings rising to a high of £7.6 million in 2013.
Chief executive of NWF, Richard Whiting, said, "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 customers mix from a well-invested business."
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