Somerset storage and distribution business bought by European firm

A Somerset warehousing and distribution business has been acquired by a European cold storage firm. J R Harding & Sons has been bought by Dutch company CubeCold Europe for an undisclosed sum.

Founded in 1963, J R Harding & Sons operates a 17,000 pallet, temperature-controlled warehouse on the Marston Trading Estate in Frome. The company has a fleet of 11 transport units and runs a truck maintenance business on its 4.3 acre property.

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Rotterdam-based CubeCold acquires and develops small to medium-sized cold storage facilities, and has a portfolio of around 270,000 pallets across its Europe-wide assets. The deal marks an expansion of CubeCold’s operations, with the firm recently acquiring Reading-based Pulleyn Transport. CubeCold said its purchase of J R Harding & Son would provide an opportunity to develop a new cold store facility “in the near future”.

CubeCold Europe’s chief executive Gerben Paauwe said: “This acquisition is an excellent strategic fit that strengthens our position in the UK. J R Harding & Sons’ reputation and customer relationships complement our own and together we can provide even greater value to customers through an integrated network.”

The Midlands-based corporate finance team of national audit, tax, advisory and risk firm Crowe UK advised CubeCold on the deal.

Andy Kay, partner and head of corporate finance in the Midlands and South West, said: “This cross-border deal follows hot-on-the-heels of a number of other international transactions in which we have played a leading role, most notably the recent multi-million pound sale of a UK / Middle Eastern-based specialist manufacturer to a North American buyer, giving the buyer a major foothold in territories in which it did not have a presence.

“We are anticipating continued overseas interest in UK-based businesses who are looking at their exit plans, particularly in those businesses that are well-run, have a particular niche and are generally resilient.”

Law firm DWF, led by Alexis Karim, acted for CubeCold, and J R Harding & Sons were advised by Temple Bright on the legal side and Monahans on the financial side.