Freight management service provider Xpediator intends to make a £7m attempt to acquire Import Services, a contract logistics and warehousing business based at the Port of Southampton.
Founded in 1984, ISL is a long-established contract logistics warehousing business with facilities located within the Port of Southampton. Focused on Third Party Logistics storage, handling and transportation, ISL has built a significant client base with a focus on clients who service the leading brands in the toy, leisure and sports sectors.
The total consideration payable for the Acquisition is up to £12.0m on a debt-free cash-free basis and comprises:
• initial consideration payable on completion of the Acquisition of £9.0m to be settled by the payment of £6m in cash and £3.0m by the issue of new Xpediator ordinary shares; and
• further consideration of up to £3m in cash which is contingent on the future results of ISL and the value of Xpediator shares at 29 May 2020