HSS says: Good deal for Culina
I did a bit of a double take this week when the news came through of Culina Group buying Fowler Welch from Dart Group.
Not so much in the sense that the deal happened. Dart Group, primarily focused on air travel, presumably sold the logistics firm to focus on core business.
The price caught my eye.
Fowler Welch is a well-run, profitable business that turned over some £180m last year, so the fact Culina got it for £98m looks like a bargain to me.
I visited Fowler Welch in Lincolnshire a few years ago when they became the first UK firm to make a major investment in lithium-ion powered forklifts.
They took a gamble in a bid to make operations faster and more efficient as battery issues were holding them back.
I think they will find a good home with Culina, a firm with much more in common with them than the Dart Group.
