BoxVn Closes Key, Accretive Logistics Acquisition
Press Release | 12/01/2020
Transaction raises BoxVn’s profile in the critical logistics and delivery industries
Deal is valued at $3.1M and BoxVn paid a combination of cash and stock
Hitra immediately adds revenue and the deal will be accretive to BoxVn in 2021
LONDON, Dec. 01, 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, is pleased to announce that further to our news release dated November 5th 2020, BoxVn has completed its acquisition of Highway Transport Group Ltd (Hitra). BoxVn leadership views this transaction as transformative for the company. By integrating Hitra’s strengths and capabilities, this deal catapults BoxVn into a key player in the critical, logistics industry. Moreover, this combination gives the company a strategic springboard with which to enhance our growing position in the delivery market.
Transaction Highlights
Management and fleet teams will integrate long distance, two-man, white glove, and multi-drop routes into the BoxVn Framework.
The transaction is valued at $3.1M including payment of $1M in cash and the balance ($2.1M) in VCEX stock to Hitra Managing Director Michael McGovern.
Hitra deal enhances BoxVn’s growth profile. The combined companies offer the ability to quickly expand existing Hitra partnerships with more vehicles and people.
The acquisition immediately expands our offerings, could add $1,000,000 in revenue in 2021 and be accretive to BoxVn earnings.
BoxVn adds best-in-class talent which should lead to complementary synergies in the combined management and technical teams, strengthened by supply chain expertise.
James Gilzean, CEO of BoxVn, said, “We are delighted to welcome the Hitra team into the BoxVn family. We are now more than ever uniquely positioned to capitalize on tremendous growth opportunities in the logistics industry. Combining our fleet and driver management solutions with Hitra’s logistics expertise should have a significant impact in how we grow our business going forward.”
