Virginia International Logistics, a prominent warehousing and freight transport company, has announced its acquisition of Kilkenny-based freight firm Allmed, forming a new logistics group projected to generate €70 million in annual revenue.
The transaction, which is pending approval from the Competition and Consumer Protection Commission (CCPC), remains undisclosed in terms of financial specifics. The merger aims to establish a comprehensive transport, distribution, and warehousing service provider within the Republic of Ireland.
“This strategic and complementary acquisition allows us to build on the momentum we’ve gained in recent years,” said Ray Cole, Chief Executive of Virginia Transport. Cole further emphasized that Allmed’s expertise in supply chain services, particularly in transporting frozen and chilled goods between Ireland and Europe, is increasingly vital as supermarkets expand their product ranges and source from more distant locations. “This growth is aligned with the evolving needs of our customers in Ireland,” he added.
Founded in 1982 by the Cole family, Virginia Transport operates a fleet of over 125 trucks and 360 trailers across Europe and the UK. The company reported revenues exceeding €37 million in 2022 and manages warehouses in Cavan, Meath, Dublin, and Tamworth in the UK.
Allmed, based in Thomastown, Co Kilkenny, is owned by Alan and Alison Hoyne. Alan Hoyne expressed confidence in the merger, describing Virginia Transport as a “perfect fit” for Allmed. “We could not be entrusting our business to better people,” he stated.
The acquisition is supported by MML Capital, which acquired Virginia Transport in 2022 following CCPC approval, alongside Virginia’s banking partner, Bank of Ireland. MML Capital, founded in London in 1988 by Rory Brooks and Jim Read, manages approximately €2 billion in assets and has been active in the Irish market since 2013. The firm typically invests between €5 million and €20 million in businesses, using them as platforms for further acquisitions. In July, MML Capital completed its ninth successful exit from an Irish company, selling its stake in Dublin-based Eastland Engineering Supply for a substantial return on its original investment.
