Logistics company Palletways has been purchased for over £160 million by giant South African firm Imperial Holdings.

The group conducts its Northern operations from Leeds and delivers to 20 companies across Europe, making it the largest palletised freight network in Europe.

Palletways Chief Executive, James Wilson, said that they are pleased to have sealed the deal with Imperial as the group moves onto its next stage of development by expanding into new markets and at the same time enhancing the experience of both its customers and its members.

Mr Wilson added that the management teams at both Imperial and Palletways share the same vision and will remain full commitment to the business as it continues to grow.

He insisted that the deal represents an exciting opportunity for both the company and its members who can now build on their success.

In the year up to May 2015 the group made a small profit of £737,000 before tax on a £237 million turnover which rose by £90 million across a four year period.

At present, Palletways employs approximately 500 people.

Imperial’s Chief Executive, Mark Lamberti, said that both the geographic reach and business model of Palletways will compliment his company’s existing networks and services in the logistics industry.

Mr Lamberti added that Imperial has an admiration for the Palletways’ management team’s achievements over the last number of years and that his firm is anticipating a long and successful working relationship.

The ultimate aim of the partnership, he said, was to enhance the presence and service of Palletways in the UK and Europe.

With this new deal in place, Phoenix Equity Partners have left their work in the group, having backed it for the past 12 years.Richard Daw, Phoenix’s Marketing Partner, said that in this time Phoenix have helped Palletways expand from a UK business into one of the market leaders in Europe.