UK Top 10 accountancy firm Azets has advised on the sale of EXPD International to Southampton Freight Services (SFS) for an undisclosed amount.
EXPD International is an international freight forwarding and logistics company currently operating across Hampshire, Dorset and West Sussex.
It has 20 years of experience and a strategic global network that stretches across more than 200 brokerage and freight forwarding agencies, helping its customers meet complex logistical challenges.
EXPD International employs eight people from its site in Hedge End, near Southampton.
Following its acquisition, former shareholder and Managing Director Steve James will provide consultancy services for a transition period, with the support of the existing dedicated and experienced team.
SFS has been based in Totton, near Southampton, since it was established 25 years ago and remains family owned and run, employing more than 50 people.
The addition of EXPD International to the group of companies brings a wider range of courier services expertise and is a natural fit, said Ross Negus, SFS’ Managing Director.
He added: “This acquisition is wonderful news for all our customers and employees. We’re delighted to welcome the EXPD team to our work family. It means we’re adding yet more expertise to our portfolio of global logistics services, with an even wider range of courier products, expanding the choice for customers of both businesses. It’s a perfect cultural fit.”
Steve said: “I’m pleased and excited to say that we have now become part of a bigger group of Hampshire-based companies with an enviable reputation in global freight forwarding and logistics. It’s an excellent commercial and cultural fit for both organisations. We share the same ethos and commitment to high quality service and looking after our customers, employees and supplier partners is an integral part of the way we work.”
Jon Huggins, Associate Director in the Corporate Finance team at Azets, said: “Despite a decline in deal volumes when compared to 2022, the M&A market remains buoyant and this transaction underlines that there continues to be an appetite for high quality assets, particularly those operating in defensible markets with recurring or contracted revenues, a strong management team and a diverse customer base.
“We are delighted to have assisted the shareholders with this sale and are sure that the business will go from strength to strength.”
Jon Huggins (Associate Director) and Jack Littlecott (Executive) of Azets, and Neil Cook (Partner) and Tom Eyles (Legal Placement) of Ellis Jones, advised the shareholders of EXPD International.
Southampton Freight Services was advised by Jamie Wollen Associates (legal) and PKF Francis Clark (financial and tax due diligence).
Commenting on their advisers, Steve said: “Having been a client for many years and knowing Azets has an experienced Corporate Finance team, it made perfect sense to discuss the marketing of EXPD International Limited with them directly. We were soon introduced to Jon Huggins who meticulously detailed the process and, whilst challenging at times, the support given by both Jon and Azets was outstanding. Thank you to the Azets team and in particular Jon, who proved invaluable throughout the process which led to a successful sale.”
