Transport company Dixon International Logistics has inked a deal to acquire Monaghan-based Carna Transport, its first acquisition since growth capital investor Erisbeg’s investment last year.
Dixon said that the acquisition “advances its ambition to be the leading temperature-controlled logistics partner connecting Ireland, the EU and the UK”.
Carna has offices in Armagh as well as its base in Monaghan and was established in 1973, specialising in the movement of goods between Ireland, the UK and Europe.
The Carna business will continue to operate independently with the existing team, though founder Barry Hughes and his daughter, Bronagh, will be stepping away from Carna following the sale.
Chief executive Michael Dixon said: “We’re delighted to have completed the acquisition of Carna Transport. Throughout this process we have been hugely impressed with the operation that Barry and his team have built over the years and believe that Carna represents an excellent strategic fit for our business, complementing our market-leading transport and logistics service offering.
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“Geographically, the location of Carna’s operation blends seamlessly into our own business, enhancing our customer service and allowing best-in-class practices to be shared with our existing Dixon operations in Dublin and Coventry.”
Barry Hughes added: “The acquisition of Carna Transport by Dixon International Logistics marks a significant new chapter in our memorable journey. We’re incredibly proud of the business that we have created over the past 50 years as a solely owned Irish run operation.
"That success wouldn’t have been possible without our loyal and dedicated team, some of whom have been with me since day one, our hugely supportive clients and a great network of supply partners across our industry.
“Dixon’s interest in acquiring Carna is testament to what we have built and now creates a path for further growth of the Carna offering, strengthened by a market-leading new owner.”
Dixon has been backed by Erisbeg, an Irish growth capital investor, since December 2021. The business was founded in 1998 by Michael Dixon, and is based on St Margaret’s Road beside Dublin Airport following a move from its original Co. Meath base.
In 2021, the company had turnover of c.€36.3m and reported an operating profit of c.€5.2m.
According to Renatus, Carna received legal advice on the deal from J R Sweeney supported by Mills Selig (Northern Ireland), with financial and tax advice from PwC. Dixon legal counsel was provided by Matheson and Cleaver Fulton Rankin, with KPMG assisting with due diligence.
Image: Dixon International Twitter/@DixonTransport
