- 11 March 2019
- Transport / Logistics Services
Wolverhampton based Pallet-Track has had a controlling stake in the company acquired by the private equity investor TPA Capital.
Nigel Parkes, the founder of Pallet-Track Nigel Parkes is to remain its MD, and is to continue to lead alongside fellow director Carl Jones. They founded the business in 2002.
With almost 90 haulier members, Pallet-Track handles around 3.5 million pallets a year. The company has a main hub in Wolverhampton and regional hubs in Welwyn Garden City and Wigan.
Palman Ltd, the parent company of the pallet network, turned over £84.7 million and had an EBIT of £3.6 million.
Parkes said: “From the very beginning it was clear the TPA partnership demonstrated a difference in their culture and nuances which had identical synergies with Pallet-Track.”
TPA said it is committed to the long-term development of the Pallet-Track business. Partner Greg Allen said: “We’re incredibly excited to be in a position to support Pallet-Track with the next stage of its growth story.”