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IPL
IPL
Imperial Holdings Limited - Acquisition of UK companies
Imperial Holdings Limited
Registration number: 1946/021048/06
Share code: IPL
ISIN: ZAE000067211
("Imperial")
Acquisition of UK companies
The directors of Imperial Holdings are pleased to announce that the company has
acquired, subject to the conditions stated below, a group of companies in the
United Kingdom from RAC plc for a total consideration of approximately GBP50
million on a debt free basis.
The following businesses were acquired:
- Lex Commercials Limited, an authorized dealer in DAF trucks and LDV vans,
operating 22 dealerships and workshops in cities in England, Scotland and Wales;
- Lex Auto Logistics, based near Manchester, has auto parts warehousing and
distribution contracts with selected vehicle and parts manufacturers, dealers
and distributors;
- Lex Fleetserve, a niche logistics service provider of supply chain services to
airport service providers, coach operators and commercial vehicle operators; and
- Lex Multipart Defence, a provider of outsourcing and warehousing services
primarily as sub-contractor to the British Ministry of Defence, through
inventory control, storage, handling, procurement, tracking and tracing.
The group had a combined turnover of approximately GBP300 million in its year to
December 2005 and employs 1343 people.
The bulk of the acquired group"s operations are closely aligned to Imperial"s
businesses in South Africa and Germany.
DAF has been the UK"s leading truck manufacturer for the last 3 years and Lex
Commercials Limited is DAF"s biggest franchise partner in the UK. Imperial
already has extensive relationships with DAF, as its South African distributor.
The parts logistics businesses operate in similar markets to Imperial, however
it employs different methodologies. The Lex Logistics companies use
sophisticated demand forecasting software which adds considerable value to the
parts supply chain function.
The disposal by RAC plc follows on the recent acquisition of RAC plc by the UK
Listed Aviva group, owner of Norwich Union, following which certain non-core
assets are being disposed of.
Imperial intends to continue and grow the operations of the acquired businesses.
Conditions to completion
Approval of
* European Union Merger Control; and
* South African Reserve Bank Exchange Control.
Company Secretary
RA Venter
By order of the Board
15 February 2006
BEDFORDVIEW
Sponsor
Merrill Lynch South Africa (Pty) Limited
Date: 15/02/2006 02:30:06 PM Produced by the JSE SENS Department
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