UK delivered grocery wholesaler Blueheath today (Friday) announced its acquisition of CTM Wholesale Limited for up to £4.9m (US$9.2m).
“We are delighted with the acquisition of CTM which represents an important step in our strategy of building a leading national delivered wholesaler,” said Douglas Gurr, chief executive of Blueheath. “The combination of CTM’s excellent customer franchise and strong local management with Blueheath’s unique technology-driven business model offers a number of complementary synergies to the enlarged group and further strengthens Blueheath’s position in the delivered wholesale market.”
CTM is a traditional delivered wholesale business to the grocery wholesale market and also has a small cash and carry operation. It operates from a single warehouse depot located in Wrexham, Wales. For the year ending 2 April 2005, CTM is expected to report turnover of £45.0m, operating profit of £0.5m and net assets of £3.4m, Blueheath said.