Palletways has been sold to South African Imperial Holdings by Phoenix Equity Partners for £163 million.

Imperial Group is holding company that owns a number of international companies, with a specific focus on consumer and industrial logistics.

Palletways said in a statement, “Imperial fully supports Palletways’ current management and has committed to continue the company’s existing growth strategy, with plans to invest further in geographical expansion, product and service development, and Palletways’ leading technology platform. Imperial’s expertise in the logistics sector will help drive further growth and development of Palletways’ offer across existing and new territories.

“This acquisition affirms the success of the current management team and the previous owner, Phoenix Equity Partners, in developing the business’ value and reach through geographical expansion, and investment in Palletways’ sector leading services.”

Phoenix started out as a UK only player but under Phoenix’s ownership it has grown to being an integrated, pan-European business with a presence in more than 20 countries. It now delivers 8 million pallets across Europe, and Group profits have more than tripled in the last three years.

James Wilson, Chief Executive Officer at Palletways, said of the sale, “We would like to thank Phoenix for all their support. We are delighted to be working with Imperial as we move to the next stage of Palletways’ development by continuing to expand into new markets, while enhancing our member and customer experience. The Palletways management team shares a common vision with Imperial and remains fully committed to the business as we pursue our strategy for further growth.”

Mark Lamberti, Chief Executive Officer at Imperial, added to this, “Palletways’ business model and geographic reach will be complementary to our existing services and networks in the logistics sector. We admire the past achievements of the management team and look forward to working with them to enhance Palletways’ presence and service in the United Kingdom and Europe.”

Palletways will continue to be run as a standalone business within the Imperial Group following the transaction, which remains subject to regulatory approvals.