Evo has confirmed the acquisition of the stock and trade of wholesaler Exertis Supplies.
As previously reported, evo was understood to be in advanced negotiations with Exertis UK owner Aurelius after the private equity company had initiated a consultation process for all Exertis UK staff.
Now, evo has confirmed an agreement for its VOW Wholesale unit to acquire the stock and trade of Exertis Supplies and what it described as a “sensible outcome for all stakeholders”.
In a press release, evo said it was in consultation with Exertis Supplies employees to “try and secure their future employment wherever possible”. It added that taking on the wholesaler’s stock “should ensure suppliers receive a sensible settlement”, although it admitted there was “limited upside” to acquiring the trade.
Evo CEO Andrew Gale said the agreement represented a “sensible and pragmatic outcome”, adding: “I would commend Exertis UK for its approach to this transaction, and I would like to thank Dan Taylor, evo Commercial Director, and Leanne Gregg, evo People Director, for their outstanding work to enable this transaction to be completed. Steve Forde and Louis Dobson, the evo Stock team, worked tirelessly and we were advised by Walker Morris and DLA Piper.”
Also commenting on the transaction was VOW UK Managing Director Adrian Butler. “VOW’s immediate focus following the consultation period will be to work closely with our new colleagues and to ensure any stock transfer is completed in quick order to enable our customers to be serviced at the highest levels possible.”
He continued: “VOW’s success is measured on how well the independent dealer channel performs, which has shown year after year how resilient and adaptable to change it is. I make no excuses for focusing on what’s important to our customers: base service and a set of commercial terms that help them thrive.”
