North west based specialist agricultural and distribution business NWF has made a bolt-on acquisition which will see growth in its fuel business.
The Nantwich, Cheshire headquartered group has acquired Staffordshire Fuels, a 32 million litres per year fuel distribution business operating in Staffordshire and the West Midlands.
This acquisition will increase NWF Fuel’s annual volume by 8 per cent and will be earnings enhancing in the first full year.
Staffordshire Fuels, which was established in 1996, operates a modern fleet of seven tankers and is an approved supplier of Phillips 66 fuel, branded as Jet, based near Stone in Staffordshire.
The business will continue to operate as a standalone fuel depot in line with the NWF’s multi-brand strategy in fuels, with finance and administration being consolidated into existing operations. The acquisition was funded from the group’s existing bank facilities.
Richard Whiting, chief executive, NWF, said: “We are pleased to announce the acquisition of Staffordshire Fuels, a high quality business with a strong brand.
“The acquisition is in line with our growth strategy, increases our penetration in Staffordshire and the West Midlands and will be earnings enhancing in the first full year.”
Dow Schofield Watts Transaction Services Partner Ed Brentnall, who led the financial due diligence provided to NWF Fuels, said: “We were delighted to assist NWF with this acquisition and we look forward to working with them again.”