The long-term future of a Lincolnshire haulage company has been secured after it was acquired by chemical warehousing and transport specialist HW Coates.
The owners of RASE Distribution Ltd, Geoff Hill and Kate Dame, sold the family-run business to the Leicestershire firm for an undisclosed sum. Geoff will continue to serve the company as a director.
Founded by David and Jean Hill in 1967, RASE, whose headquarters are in Langworth, is one of the UK’s leading independent transport and storage providers to the packaged hazardous goods sector.
Andrew & Co Solicitors, which has offices in Lincoln and Newark, acted on behalf of RASE along with Streets Chartered Accountants’ Corporate Finance Partner Neil Gray.
Associate Partner Paul Simpson said: “Andrew & Co has an established track record of advising on mergers and acquisitions and it has been my pleasure to work with Geoff Hill and the RASE team throughout the deal.
“RASE has led from the front in its field for over 50 years and I’m confident they will continue to go from strength to strength under the HW Coates group.”
Commenting on the sale, Geoff added: “This was a landmark decision which will provide long-term business continuity and succession for our staff and our customers.
“In HW Coates we have found a strong partner with a similar culture to RASE. As well as extensive experience in the high-value, high-quality logistics industry, they are well financed and have the desire to continue to develop the business we have grown over the last 50 years.
“I’d like to thank Andrew & Co for their advice and expertise; Paul and the team have managed to secure a deal that works well for both parties.