Polar Speed / UPS
Cavendish Corporate Finance is delighted to announce the sale of leading thermo logistics firm Polar Speed to the world’s largest logistics company UPS. Founded in 1996, Polar Speed specialises in active temperature-controlled deliveries to hospitals, pharmacies, wholesalers and surgery centres as well as end patients.
Polar Speed uses a fleet of 118 actively monitored temperature-controlled vehicles for transporting both 2-8 degrees celsius refrigerated and 15-25 degrees celsius products in accordance with UK guidelines for medicines and healthcare products (MHRA). The fleet has on-board temperature recorders and alarms to alert drivers of potential temperature excursions as well as a PolarTrack, an online portal linked to a satellite navigation system allowing customers to access real-time delivery status and temperature conditions of their products
The acquisition adds three facilities to UPS’s global healthcare network, now totalling 45 facilities and is a key part of its strategy to strengthen its healthcare network across Europe.
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 realised in the healthcare market.
Michael Jewell, the Cavendish healthcare partner who led the sale commented:
“We believe UPS will accelerate the growth of the business and enabling it to take full advantage of the opportunities generated by the increasing need for temperature-controlled distribution in the healthcare sector. Further consolidation, mergers and acquisitions are expected in the sector”.
Commenting on the transaction, Alan Cheshire former Chairman and a founding shareholder of Polar Speed said:
“Mike 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 rational.
I wanted to express my personal thanks to you for all your efforts in achieving a successful sale of Yorktest. I never knew how stressful and complex the sale process could be. I really do appreciate your finding a good deal in quite difficult circumstances.
The Cavendish Team, led by Michael Jewell, did an excellent job managing a well-orchestrated auction process and ensuring the smooth closing of the transaction in a timely manner. They were professional and easy to deal with throughout and committed to achieving a successful outcome for the shareholders.
Cavendish’s Exit Review allowed us to align and mobilize all stakeholders on the key priorities that have the most impact on valuation over a 6-18 month period – a very valuable exercise.
Thank you so much for your efforts and teamwork in selling RPS! Your approach and process was vital to our successful sale of the Company. In particular, the initiation of a excellent and professional process enabled us to get the actual sales process launched and resourced effectively, which facilitated the smooth initiation of selling discussions in a thorough manner.
Gordon and Mike have 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 rational.
The Cavendish team were of great assistance throughout the sale process and in particular finding us the most fitting acquirer, helped by their strong networks in healthcare and their understanding of the oral care market.
Cavendish were a fantastic partner for World First throughout the investment process. We were impressed with their knowledge, level of service and professionalism and we are very excited about working with FTV to realise our growth plans.
At this critical stage in the business it has been important that we make all of the right decisions along the way and appointing Cavendish was one of these key decisions. We have worked with very professional and motivated individuals in Jonathan and Duncan on various stages of the process. We look forward to working with the Cavendish team again as our business develops toward our ultimate goals.
Cavendish were a great adviser throughout the process. They knew how to handle whatever situation occurred and the team were a total pleasure to work with. Thanks to their involvement, we drew a successful conclusion to the deal.
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