Backhouse Jones completes another acquisition
17 October 2022
Cambridgeshire-based Knowles Transport has today announced that it has acquired a 100 per cent shareholding in fellow 3PL warehousing & distribution provider Masters Logistical.
Based in Ely, Masters offers warehousing and distribution services across Cambridgeshire and East Anglia and is a member of the Palletline freight distribution network. With an ethos that centres around always delivering the highest levels of service to customer.
The acquisition of Masters comes at a period of significant growth for Knowles Transport, a business which has gone from strength to strength in recent years, following a period of substantial and continuous investment into the business as it builds for the future.
Founded in 1932 and now in its third generation of family leadership, Knowles Transport has since established itself as a high performing third-party logistics specialist within the UK contract logistics industry, primarily serving the ambient food, drink and packaging sectors.
With a fleet of 325 vehicles and trailers, and a total of two million sq. ft of warehousing space across two sites and a headcount of 380, Knowles’ fleet will be bolstered by a further 42 vehicles and trailers, 85,000 sq.ft of warehousing space with expansion capabilities of a further 50 per cent, and 30 members of staff.
Alex Knowles, Managing Director of Knowles Transport said: “Following a 100% growth in sales revenue over the past 6 years, Knowles Transport has committed further to its expansion goals by welcoming the company, and its people, on board and acted as an ideal opportunity to expand our operations right on our doorstep.
“It is a match that is not only strategic, but being a 3PL warehouse and distribution specialist like ourselves, we felt that Masters Logistical was an excellent fit to bring on board. Furthermore, Masters ethos, company values and customer centric approach are very much synonymous with our own.
“The acquisition acts as a significant milestone in the company’s history as we continue on our growth journey. With demand remaining buoyant for our services, the increase to our fleet as well as the increased warehousing capacity will allow us to further expand our operations as well as cater to the demands and needs of both existing and new customers – ultimately helping to facilitate further growth.
“We are delighted to have successfully completed the acquisition of Masters Logistical – which under the Knowles umbrella will continue to trade under its name, offer its full range of services and retain its status as a long-standing shareholder member of the Palletline network. We are proud to be welcoming such an established and well-respected brand into the Knowles family.”
Paul Upton, Managing Director, Masters Logistical commented: “I am very excited to have found a suitable successor for the business. Sharing our family values Knowles Transport will continue to grow and develop the business ensuring its future success.
“We would like to thank our loyal staff, customers and suppliers for the support and encouragement they have given us over many years and we wish them all the greatest of success.”
Graham Leitch, Group Managing Director of Palletline said the acquisition was a positive step for both organisations. He commented: “Both Masters Logistical and Knowles share the same customer centric ethos and we are looking forward to continuing to work with Masters Logistical under the Knowles umbrella.”
Knowles would like to thank Stuart Light, consultant from sjl advisory specialists providing practical business support and M&A advice, specifically in the the transport & logistics sector, Brett Cooper, Lauren McGurk, Emily Carpendale and James Lomax, who provided legal support from transport law specialists Backhouse Jones together with Susannah Adams, Olly Pullin and Ricki Critchell from Harbourside Corporate Finance for their expert advice and counsel to bring this acquisition to fruition. The service provided was first class and made the entire process seamless.
Brett Cooper, Head of Corporate, Backhouse Jones commented: “We were delighted to act with Alex, Stuart and the team at Knowles on this transaction and to see them go from strength to strength. Both businesses have many synergies which we believe will provide a fruitful basis for future growth.”
Find out more about the services Backhouse Jones Corporate team offer here or contact brett.cooper@backhouses.co.uk for a no-obligation chat.
