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.”
Lucy Folley, Partner at Tees Brentwood, Baljeet Kaur, Senior Associate at Tees Brentwood, 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 collaborated with Price Bailey, advising the sellers of Savage Haulage on the financial and accounting aspects of the multi-million-pound transaction.
Tees are here to help
Chat to the Author, Lucy Folley
Partner, Company and Commercial, Brentwood officeMeet Lucy
- Areas of expertise
Legal 500 UK 2023
"Lucy Folley has been my main contact. One of Lucy’s biggest strengths is her pragmatism. In a number of deals Lucy has been involved in, the counterparty in our negotiations has commented on how fair her approach is. This has made it much easier for us to close positions."
Excitech - Peter
Lucy is a standout professional; expert in her field, commercially aware, empathetic to business and individual pressures….and a pleasure to work with. She’s absolutely one of our team.
Legal 500 UK 2021
‘Lucy Folley has been handling commercial matters for our business for a number of years. Lucy has always shown a good understanding of the matters being dealt with and the requirements of the business‘.
Legal 500 UK 2021
‘My main contact within the organisation is Lucy Folley. She has provided legal assistance to me in a number of issues and has done so at a very high professional level‘.
Mr Jason Herring, Benfleet Forwarding Ltd
It has been a pleasure working with Lucy Folley and her team. Lucy’s understanding of the complicated process of selling a business became the overriding factor in reaching a completion. Lucy’s guidance and support to all shareholders throughout the sale process has been greatly appreciated.