StockMarketWire.com - Supply-chain solutions group Wincanton said it had agreed to acquire Cygnia Logistics from Crescent Capital for up to £23.9 million.

Cygnia, founded in 1999, was a British specialist mid-market e-commerce and multichannel e-fulfilment provider.

The deal comprised an initial cash consideration of £22.2 million with a remaining up to £1.7 million conditional on the settlement of certain outstanding liabilities.

In a trading update, meanwhile, Wincanton said said it was on track to deliver full-year profits in line with market expectations.

Year-to-date core revenue was up over 25% year-on-year, driven by continued strong volumes, new business growth and the recovery from pandemic-impacted trading.

The company said widely-reported driver shortages continued to have an impact on business operations.

It added that it was taking a number of steps to attract and retain drivers, was working with customers to address related challenges and making representations to government.

'Following the disposals of non-core businesses last year, more than 70% of the group's revenue is open-book, which provides commercial protection against cost pressures,' Wincanton said.

'The group is having productive discussions with its closed-book transport customers to mitigate the impact of the reduced capacity and additional costs.'


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