Pall-Ex founder Hilary Devey sells haulage business to network's management and members
The founder of palletised distribution network Pall-Ex, Hilary Devey, has agreed to sell the business to its membership and management.
Contracts were signed on the 15 October 2019 with completion anticipated for the 31 October 2019. The sale price has not been revealed.
The acquisition will offer UK and European members of the East Midlands-based network an opportunity to be involved in the development of the business. The management team have committed to shares within the company with shares being made available to the entire UK membership and its international partners.
David Fairbrother of ADD Express Ltd, Maggie Larimore of PMB Pallets Ltd and Craig Stevens of STD Developments Ltd, who have all known and worked with Hilary Devey for more than 20 years, negotiated the transaction alongside Kevin Buchanan, Group Managing Director of Pall-Ex.
Maggie Larimore commented: “Hilary has been a driving force in the development of pallet distribution and has turned the Pall-Ex name into an industry-leading international brand. This purchase is the perfect way to preserve the legacy she has built.”
Ms Devey, who started Pall-Ex in 1996, has decided to step away from the day-to-day running of the business after almost 25 years, her continuing wish is to see the company grow and thrive. She will continue to work with the new owners in an ambassador role to help develop their international services and European partner development.
Kevin Buchanan continued: “Pall-Ex will offer a unique proposition in the sector with management, UK members and international partners all working together as owners to further enhance Pall-Ex as the quality network of choice. We would like to thank Hilary for enabling us to take the next step on this incredible and exciting journey.”
Pall-Ex has gone from moving just under 100 pallets on its first night to more than 30,000 daily across the globe.
Posted on: October 23rd 2019