The world’s largest logistics company, UPS, has acquired leading UK thermo logistics firm Polar Speed Distribution Limited. The terms of the transaction have not been disclosed.
Founded in 1996, Polar Speed specializes in active temperature-controlled deliveries to hospitals, pharmacies, wholesalers and surgery centers as well as end patients in the UK. Its fleet of temperature-controlled vehicles have on-board temperature recorders and alarms to alert drivers of potential temperature excursions as well as PolarTrack, an online portal linked to a satellite navigation system allowing customers to access real-time delivery status and temperature conditions of their products.
UPS is the world's largest package delivery company and a leading global provider of specialized transportation and logistics services. The company manages the flow of goods, funds and information in more than 200 countries and territories worldwide.
The combined solutions of Polar Speed and UPS will provide a high-quality service to UK customers as well as providing Polar Speed employees with the opportunity to build on the growth momentum UPS has realized in the healthcare market.
Cavendish, an Oaklins member firm in the UK, advised Polar Speed’s shareholders on the sale of the company. The deal demonstrates that the increasing need for temperature-controlled distribution in the healthcare sector is spurring further consolidation, mergers and acquisitions in the sector, allowing mid-sized businesses looking to exit to command very healthy multiples.
Commenting on the transaction, Alan Cheshire, the Chairman and a founding shareholder of Polar Speed, said: “The team has built a strong relationship with the shareholders over the last three years, helping us to identify the right potential strategic partner and clearly articulating the strategic rationale. They helped to ensure UPS paid a premium that reflected the value we have created to date and the growth potential in the business."
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