|Real-time Estimate - 10/21 09:52:15 am|
Wincanton plc agreed to acquire Cygnia Logistics Ltd. from Crescent Capital Group, LP for £23.9 million.09/13/2021 | 12:00am
Wincanton plc (LSE:WIN) agreed to acquire Cygnia Logistics Ltd. from Crescent Capital Group, LP for £23.9 million on September 13, 2021. As per the transaction, the consideration to be paid up to £23.9 million on a cash free, debt free basis. Cygnia will continue to operate as a brand within the broader Wincanton Group. Cygnia will become part of Wincanton's Digital and eFulfilment sector. Separately, Wincanton is appointing Carl Moore as Managing Director of Digital and eFulfilment. The acquisition will be funded from existing cash resources and committed debt facilities and comprises an initial cash consideration of £22.2 million with up to £1.7 million of additional consideration, conditional on the settlement of certain outstanding liabilities. The acquisition is expected to be earnings accretive within the current financial year ending March 31, 2022. Conor Lambert, Iona Stevenson, Kern Robinson, George Byron, Digby Jackson of BDO LLP, Financial Advisory Arm acted as financial advisor to Cygnia Logistics Ltd.
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