It seems only the other day that I was blogging on Glyn Davies and the rise and rise of Hanbury Davies, the company he set up in 1999 with Ian Wilson and Philip West. Now I learn that Wincanton, "....has today announced the acquisition of Felixstowe-based Hanbury Davies Ltd, a UK market leader in container operations." Thanks to an extremely efficient PR contact (they aren't always) I can also confirm it's just the container business. And the price?
According to the release sent to the stock market: "Hanbury Davies is being acquired for an initial debt-free consideration of approximately £25.0m. Up to a further £2.5m may be payable subject to the financial performance of Hanbury Davies in the period to 31 March 2008. The acquisition will be financed from Wincanton's existing committed banking facilities."
Moreover, I can reveal that: "In the twelve months to March 31st 2007, the container activities of Hanbury Davies reported, on a pro-forma basis, turnover of approximately £52.0m, EBITDA of approximately £4.3m and EBIT of approximately £3.1m. Net assets at 31 March 2007 were approximately £6.2m."
Meanwhile Wincanton says: "The deal strengthens Wincanton’s position within the growing container transport market and complements its existing global transport capabilities." I should think it would, not least as HD has 21 locations across the UK, 480 vehicles and a client portfolio that includes key freight forwarders and shipping lines.
It also forms a nice strategic 'fit' for Wincanton, which over the past two years has been developing its presence in the container logistics market with the addition of terminals at Alconbury and Southampton. Or as Wincanton's MD Martin Taylor tells BLB: "The considerable strengthening of our container activities in the UK complements our market leading intermodal business in mainland Europe and extends our offering for our existing customer base. In Hanbury Davies, we have found a business that shares our vision and provides a strong cultural fit with Wincanton.”
But the real question for BLB is what does Glyn Davies do now? Having built up and sold not one but two notably successful (and even more profitable) container haulage businesses, is he up for another go? Click through here to read on....
After all, this is the man who was once famously described by Jack Semple in TRUCK magazine as ‘…the man who couldn’t stay away from haulage.’ Whenever I've met him I've always been impressed by Davies' quiet, thoughtful manner and business acumen . Sit down for a chat with him and you're left with the impression that this is a bloke that knows the road transport business inside-out---and back again.
And when he builds a business it tends to be a good one. the last time I blogged about HD in the middle of last year it was then the 92nd fastest-growing company in the UK---as listed in The Sunday Times PricewaterhouseCoopers Profit Track 100 for 2007.
So if I understand it correctly that leaves him with his Hanbury Riverside truck business and various property interests. Will they be enough to keep him busy...? Time will tell. But BLB wouldn't mind laying a small bet that 'the man who couldn't stay away from haulage' won't stay away for too long.
Weren't HD doing some non-container business too, like their Russell Davies forebears?