Masters was incorporated in 2006 but its origins can be traced back as far as 1982. Owners and directors Paul Upton and Deanna Wood have worked together for nearly 20 years and are responsible for growing Masters from a next day delivery courier business to becoming a reputable third-party logistics (3PL) player within the UK logistics industry with established blue-chip clients.
Paul and Deanna have decided the time is now right to find a new owner for the business who will preserve its ethos and enable it, and its people, to reach the next stage of the growth journey. Now that Knowles Transport has acquired the company, Paul and Deanna have comfort knowing they are passing the business into the hands of a new custodian who has strong credentials in operating a 3PL company.
As part of the transaction, Knowles Transport will be joining the Palletline network (of which Masters was a shareholder) and the Masters and Knowles brands will continue to operate as two separate entities under common ownership.
Alex Knowles, on behalf of Knowles Transport said “We are delighted to have successfully completed the acquisition of Masters Logistical and are proud to be welcoming such an established and well-respected brand into the Knowles family.
“The acquisition acts as a significant milestone in Knowles’ history as we continue on our growth journey. With demand remaining buoyant for our services, the increase in additional resources will allow us to further expand our operations as well as cater to the demands and needs of both existing and new customers – ultimately helping to facilitate further growth.”
Paul Upton, co-founder and majority shareholder at Masters Logistical Services said “We are extremely pleased to have found a like minded local company to take over the business, they have a long history in logistics and will ensure Masters reaches its full potential.
We would like to thank Phil & Sam at PEMCF for their support and guidance throughout this journey.”
PEM Corporate Finance were appointed by the vendors to provide corporate finance advice. Philip Olagunju and Samuel Reynolds sourced buyers, took the business to market, helped to structure the deal, and supported the client throughout the negotiation process.
Philip Olagunju, Partner at PEM Corporate Finance added, “Sam and I are delighted to have advised Paul and Deanna on the sale of Masters. The project had a few bumps along the way, but it’s great to have finally crossed the line. In Knowles Transport, we found a buyer already in the logistical services space with a proud heritage and a very similar ethos to Masters. There are strong synergistic benefits to this deal, which unlocks some exciting growth opportunities. We congratulate Paul, Deanna, and Alex, and wish them the best for the future.”
Legal advice to the vendors was provided by Oliver Pritchard and Helaina Mann of Howes Percival. Brett Cooper of Backhouse Jones acted as legal adviser to the acquirer.
