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5 October, 2006 - 16:58 By Staff Reporter

The ice man cometh for Northants distribution company

Iceland’s top sea transportation company, Eimskip, has paid £28 million for Northants temperature-controlled primary food distributor, Corby Chilled Distribution.The acquisition, made through Eimskip subsidiary, Innovate Holdings, furthers Eimskip’s strategy to become a leading logistics provider globally.

It also gives the company a strong road transportation and cross dock hub network with comprehensive coverage of the UK and substantial capacity for growth to its existing UK coldstore infrastructure.

Innovate Holdings will finance the entire deal including the assumption of a net short-term debt of approximately £500,000 from its own resources and by loans provided by Glitnir banki hf.

The Corby Chilled management team will be integrated into the Innovate management structure with MD Iain Stewart set to become chief operating officer of the enlarged Chilled division of Innovate Logistics.

In the year ended April 30, Corby turned over £51.1m and had EBITDA of £4.2m. Net assets stood at £8.6m, including freehold properties with a book value of £5.8m and an estimated investment value of £13.1m.

Eimskip has 88 operational bases in Europe, South and North America and Asia. A subsidiary of Avion Group, it was the first shipping line in Iceland, established in 1914.

It has evolved from being a shipping line to a total transportation and logistics company.

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