Christian Salvesen swoops on Swift
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by Nicky Clarke • Christian Salvesen has bought automotive and industrial haulier Swift Transport Services for almost £84m, only 18 months after it was bought for 126m by its management from freight forwarder Lep Group.
The acquisition broadens Salvesen's market sector base, which is particularly strong in the grocery industry. Customers include Marks & Spencer, J Sainsbury, Safeways and Asda. It recently moved into the hitech distribution market with the acquisition of Comtrans and Concorde. The move gives Northampton-based Swift a foothold on the Continent where Salvesen already operates in six countries.
Christian Salvesen Distribution made an operating profit of £35m on a £276m turnover in the year to 31 March 1993.
Swift made an operating profit of £6.5m on a turnover of £57m last year.
Its customers include Ford, Unipart, Gefco, British Coal and Century Oils using a fleet of 750 vehicles and a network of 22 depots nationwide.