Tees advises Savage Haulage Limited on its sale to The Ice Co Storage & Logistics Holdings Limited

Tees has advised the sellers of Savage Haulage Limited (Savage Haulage), one of the largest temperature-controlled storage and logistics businesses in East Anglia, on the sale of Savage Haulage to The Ice Co Storage & Logistics Holdings Limited (Ice Co). 

Savage Haulage has been a family business for 60 years and has been managed in recent years by brothers Martyn and John Savage. It has sites in both March and Thetford and, in 2021, Savage Haulage generated £5.9 million in turnover. Ice Co operates from sites in Newcastle, Preston and Doncaster, and provides storage, logistics, blast freezing and tempering services. Ice Co’s acquisition of Savage Haulage represents a sizeable step forward for Ice Co in terms of its geographic reach nationally.

Martyn Savage, joint MD of Savage Haulage commented: “The Ice Co are a family company with the same values and ethics as ourselves. They are committed to continuing the existing operations retaining our existing personnel in the same positions and creating further opportunities in East Anglia as they take the business forward.”

Partner, Lucy Folley, Senior Associate, Baljeet Kaur and other members of the Corporate team at Tees advised Martyn Savage and the other owners of Savage Haulage on a suite of transaction documents, including a complex share purchase agreement and intricate disclosure letter. Lucy was practical in her approach to ensuring that the owners of Savage Haulage understood the legal implications of their commercial decisions and utilised her deep knowledge of the logistics industry to navigate any potential issues arising. The Corporate team worked seamlessly and collaboratively with the Commercial Property team, which was led by Senior Associate Daniel Fairs. 

Lucy Folley commented: “We are delighted to have advised the sellers of Savage Haulage Limited on such a monumental transaction in the transport and logistics industry. The sector has faced inflationary challenges in the form of rising fuel, energy, and labour costs. Following a slowdown in consolidation during the pandemic, we are now seeing a strong resurgence in interest in mergers and acquisitions as businesses seek to capitalise on strategic opportunities and enlarge their geographical footprints. Tees is known for acting for both purchasers and sellers in the transport sector; this transaction showcases both the firm’s deep logistics expertise and the sheer importance of M&A deals we are advising on.”

Tees worked in collaboration with Price Bailey, which advised the sellers of Savage Haulage on the financial and accounting aspects of the multi-million-pound transaction.