Abbey Logistics buys Armet, creates £70m firm

Liverpool-based Abbey Logistics Group, which recently completed a management buyout, said it acquired bulk liquid food transport firm Armet Logistics Ltd for an undisclosed sum.

Abbey, the UK’s largest bulk food tanker business, said the combined businesses will generate an expected turnover in excess of £70 million in 2017-2018 and employ 700 people in the UK.

It said it had plans to grow the combined businesses to more than £100 million in revenues by 2021 and create a further 300 jobs.

Abbey Logistics completed a management buyout in August 2016 backed by NorthEdge Capital.

Abbey said Armet, also based in Liverpool, has built a strong reputation in the food sector and operates on behalf of some of the UK’s largest food ingredients manufacturers.

Armet managing director Charles Lucy will remain with the business as a director and the Armet brand will be integrated into the Abbey brand “following a period of familiarisation.”

Abbey Logistics Group CEO Steve Granite said: “This acquisition is an ideal fit for Abbey and we are delighted to be welcoming the Armet team into our business.

“We share a common capability and passion to develop best-in-class, effective logistics solutions, and both companies also share the same positive, can-do spirit that has enabled us to grow and develop strong reputations in our sectors …

“The Armet acquisition is an important milestone in building Europe’s best bulk tanker business and I very much look forward to working with the combined teams to deliver just that.”

Armet managing director Charles Lucy said: “I have spent the past 16 years building Armet into a key player in the liquid food transport market and I am proud of what has been achieved to date.

“My relationship with Steve (Granite) goes back over 20 years and the opportunity for us to bring our businesses together and create an outstanding offering for our joint customer base is a very exciting prospect for me.”

Abbey Logistics was advised by Deloitte’s financial services team who provided transaction due diligence.

Legal advice was provided by Napthens, and finance was supported by HSBC.

Armet Logistics received legal advice from Brown Turner Ross.