Clarion was on the team of advisers from Leeds and Manchester last week (13 January 2011) who completed a deal for leading cold storage and distribution company Yearsley Group to acquire Ice Pak Seafood Specialists Ltd to for an undisclosed sum.
Clarion were part of the team of advisers from Leeds and Manchester who completed a deal for leading cold storage and distribution company Yearsley Group to acquire Ice Pak Seafood Specialists Ltd to for an undisclosed sum.
The vendors, Tony Cantrill and Alan Cantrill, were advised by Mazars in Leeds and represented by Leeds-based law firm Clarion on the sale of their entire issued share capital of Ice Pak which supplies frozen foods to wholesalers throughout the UK. Established in 1983, the £32m turnover company has extensive cold storage facilities at its Ice Pak site in Leeds and its Lucky Red Foods site in Middleton near Manchester. It also provides temperature controlled distribution.
The acquisition will complement the operations of Yearsley Group, the UK’s largest cold storage and distribution provider and a major supplier of frozen foods to wholesalers, retailers, caterers and institutions. Based in Heywood, Manchester, it has the largest national frozen network with 12 cold stores, 280,000 pallets and a fleet of over 300 temperature-controlled vehicles.
The purchasers were advised by Pannone in Manchester and Goodman Harvey provided property expertise.
Commenting on the deal, Tony and Alan Cantrill said: “We have spent almost 30 years building up this business and are pleased to see it being taken forward as part of a well respected and growing national frozen food supplier.
“It has been a complex deal, but all of the parties have pulled together to bring it to a swift conclusion.”
Harry Yearsley, managing director of Yearsley Group, said “We are delighted to announce the acquisition of Ice Pak. It strengthens our share of the frozen food sales market and, as there are very few crossovers in terms of customer base and product range, the opportunities to grow the business are huge.”
Lead adviser to the vendors was Rob Burton of Mazars; supported by Christian Hunt of Clarion. The purchasers were represented by Philip Treanor of Panone and Mark Jones of Goodman Harvey.