JST Ports & Logistics Holdings Ltd, located in Ayr, Scotland, has acquired Essex-based RFS Works Ltd backed by £11.7 million funding from Cynergy Business Finance. The transaction enables JST to enhance the breadth of its port and rail logistics service offering, whilst expanding its operations across the UK.
JST specialises in providing neutral port handling and associated logistic solutions throughout the UK and Ireland. Similarly, RFS is a specialist provider of integrated material handling services with strength in rail logistics. The two companies have come together to showcase an expanded suite of services and marks the beginning of future expansion for the firm.
The finance, both Receivables and plant and machinery (P&M) provided by Cynergy Business Finance, equipped JST with the necessary capital to part-finance the acquisition of RFS. The combined new business has over 200 employees, a fleet of over 100 machines, and combined revenues of c. £40 million. It also enables the business to expand reach across the UK, both in terms of broader network, and volume of hubs.
Richard Jennings, CEO of JST Ports & Logistics Holdings said, “This acquisition marks a significant milestone for us as we continue to grow and diversify our operations across the UK. With the support of Cynergy Business Finance, we’ve been able to unite two industry-leading companies, broadening our service offering and creating new opportunities for future expansion."
"We’re excited to embark on this next chapter and deliver even greater value to our clients.”
Maxine Hennessy, Corporate Sales Director at Cynergy Business Finance said, “JST is a well-established organisation with a broad customer base. Their position in the market is significantly bolstered through its acquisition of RFS."
"The funding provided demonstrates our commitment to empowering businesses with the right financial solutions they need to achieve their growth ambitions. We’re proud to play a role in JST’s continued success.”
Other advisors that supported the deal include Shoosmiths LLP and Specialist Asset Finance Ltd.
