TVS Logistics to acquire Multipart Holding of UK, plans IPO

Chennai-based TVS Logistics Services Ltd, a part of the TVS group said yesterday that it has agreed to acquire UK-based logistic supply chain company Multipart Holding for an undisclosed sum in order to expand its operations to defence and utility services and plans go for an initial public offer in the next 2-3 years.

Chorley, UK-based Multipart Holding, having an enterprise value of approximately Rs500 crore, is among the top three players in the after-market logistics sector in the UK.

Multipart initially started as a distributor of vehicle parts for Leyland, UK and later expanded to supply aftermarket logistics services to its auto clients as well as the Britain's defence and utility sector.

Multipart is a service partner in total aftermarket logistics and product support services throughout the UK and Europe, providing expertise and capability across the whole spectrum of logistics activity.

Multipart has two sector-focused divisions, Multipart supply chain solutions, providing specialist logistics solutions to the automotive and non-automotive sectors and Multipart defence, providing a range of services to support the vehicle fleet and logistics requirements of the British Armed Forces around the world.

It has a 256,000 sq ft distribution centre in Chorley, strategically located inside the UK defence ministry's Defence Storage & Distribution Agency's site at Bicester.