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nycdream   Thursday, 11/05/20 02:36:18 PM
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News out
BoxVn Signs LOI to Close Strategic Acquisition
Press Release | 11/05/2020
— Deal Immediately Increases Capabilities, Enhances Market Share in UK Logistics Industry
— Transaction Could Close in November, Ahead of Busy Holiday Season
— Addition Comes at Critical Time with Commencement of Pandemic-Related Lockdown
— New Acquisition Expected to Be Earnings Accretive in 2021

LONDON, Nov. 05, 2020 (GLOBE NEWSWIRE) -- BoxVn Limited (OTCPINK:VCEX), an emerging leader in the fast-growing Driver and Light Commercial Vehicle (LCV) supply segment of the logistics industry, confirmed that it is in advanced talks to buy Highway Transport Group (Hitra) , a deal valued at approximately $3m in a combination of cash and stock. Subject to due diligence, this transaction signifies another step in the rise of the Driver and Light Commercial Vehicle supply business. The news follows a string of moves that are primed to have a profound impact on the Company’s growth and positioning within the segment for BoxVn.

Highway Transport Group (Hitra) is an emerging logistics business which holds valuable and key service contracts with some of the biggest brands in the UK, including high street and online shopping brands as well as national warehousing distributors. The company has been using BoxVn vehicles for over a year and the relationship has played a significant role in commencing acquisition discussions with BoxVn.

Michael McGovern, Highway Transport Group Managing Director commented, “BoxVn’s service has facilitated our own growth while their client-first focus is something that mirrors ours. We entered into discussions regarding a combination with BoxVn to create a strong industry brand and being part of a larger group is something that will only propel Hitra to another level of growth which would be otherwise unachievable. We are now able to present Hitra as a company with enhanced facilities, improved fleet maneuverability, greater driver recruitment and a stronger financial structure. Together, we can increase market share over competitors who have been in business for decades.”

BoxVn, James Gilzean CEO noted, “We are very excited about the potential combination with Hitra and our companies may be able to conclude a deal within a matter of weeks, ahead of the all-important holiday season. Clearly, this new addition comes at a critical juncture given the latest pandemic-related lockdown. Adding a transport and logistics company to our portfolio will enhance our presence within the sector, and we expect the transaction to be accretive to our earnings.”

In recent months, BoxVn has been preparing to deal with the consequences of another UK-wide lockdown. Earlier this year, the COVID crisis favorably impacted BoxVn given the business generated by our clients who operate predominantly in the logistics’ last mile delivery sector. The British Retail Consortium, recently reported that 61.9% of all non-food retail sales in May this year took place online – which was up 31.4% on the same period 12 months previously. Faced with such a hike in volume, those logistics supply companies are primed once again turn to companies like BoxVn.

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