Neptune Freight, the Dublin-based distribution company, has been taken over by the British distribution group Tibbett & Britten, in a deal understood to be worth around £4.3 million.
No financial details of the takeover have been revealed, but Neptune Freight had revenues of £3.3 million last year and has net assets of £4.3 million. The company is involved in nationwide distribution of a range of merchandise - from computer components to hanging garments - and also provides import/export services for Irish and international clients.
Neptune operates from a new purpose-built 100,000 sq ft distribution centre near Dublin Airport, which also has off-airport customs clearance and bonded warehouse facilities. Since 1994, Neptune and Tibbett & Britten have had a 50-50 joint venture, Neptune Logistics, which has specialised in warehousing and distribution of clothing and textiles.
Tibbett & Britten itself has been active in Ireland since 1971 and has had an Irish subsidiary since 1990. The group specialises in Ireland in the distribution of fast moving consumer goods and grocery merchandise from a newly-built 144,000 sq ft centre at Clondalkin and at Ballyclare, near Belfast.
Neptune was set up in 1977 by Mr Tony Delaney and Mr Mike McGuinness and has specialised in the clothing and textiles sector. The Dublin warehouse is equipped to handle a variety of garment processing and pre-retailing work.
The full management team, headed by Mr Delaney, is remaining in place after the acquisition, although Mr McGuinness has retired from the business.
Tibbett & Britten's chairman, Mr John Harvey said: "Neptune Freight consolidates our market presence in Ireland and adds scale and an international dimension to our non-food interests in the region."
