Acquisitions

• In December 2002, Wincanton acquired P&O Trans European from The Peninsular and Oriental Steam Navigation Company for a debt-free consideration of approximately £152.5 million. This acquisition enhanced Wincanton’s presence in the UK market and also provided a Pan-European platform for future growth;



• In December 2004, Wincanton acquired MidiData from Sirva Inc for a debt-free consideration of £7 million. This strengthened Wincanton’s position in the specialist high tech logistics market, particularly in Germany;



• In October 2005, Wincanton acquired the principal French operations of Premium Logistics (“Premium”) from the Giraud family for an initial debt-free consideration of €22 million and up to €6 million payable subject to the financial performance of Premium in the period to 31 December 2005, which is yet to be finalised. In addition, Wincanton acquired an additional €7.5 million of certain assets leased to Premium by the vendor. Premium has strengthened Wincanton’s logistics capabilities in France providing a broader coverage.



• In October 2006, Wincanton acquired Lane Group Plc from private shareholders in the UK for a consideration of £2 million plus the assumption of £6m of debt, to expand its two-man home delivery network in the UK.



• In October 2006, Wincanton acquired RDL Holdings Ltd (“RDL”) from private shareholders in the UK for an initial debt-free consideration of £22 million and up to £5 million may be payable subject to the financial performance of RDL in the period to 31 December 2007. This acquisition provided Wincanton with the capabilities to become a major logistic provider in the UK building products sector.



• In November 2007, Wincanton acquired Swales Haulage Ltd ("Swales") from private shareholder for a debt-free consideration of £5.3m, to further strengthen its position in the UK building services market.



• In January 2008, Wincanton acquired the container logistics operations of Hanbury Davies Ltd ("Hanbury Davies") for an initial debt-free consideration of approximately £25.0m. Up to a further £2.5m may be payable subject to the financial performance of Hanbury Davies in the period to 31 March 2008. Hanbury Davies is one of the UK market leaders in the provision of container logistics services and will strengthen Wincanton's position within the fast-growing container logistics market, complementing the Group's developing global transport capabilities and further expanding the service offering to existing customers.



• In April 2008 Wincanton acquired HeBo GmbH ("HeBo"), a specialist provider of logistics services to the High-Tech industry in the North Rhine-Westfalia region for an initial debt-free consideration of €2.9m. A further €0.5m may be payable subject to the financial performance of HeBo in the year to 31 March 2009. The acquisition enhances the service capability of Wincanton's High-Tech logistics activities and reinforces its position as a leading operator in this specialist sector in Germany.



• In May 2008, Wincanton acquired Product Support Holdings Ltd ('PSHL'), a leading provider of logistics solutions to defence and aerospace markets, for an initial debt-free consideration of approximately £27.0m with up to a further £3.0m payable subject to the financial performance of PSHL in the period to 31 March 2009. The acquisition will give a strong presence in the defence and aerospace logistics markets and further diversify the Group's blue-chip customer portfolio with names such as Honeywell, AugustaWestland and BAE Systems.



• In October 2008, Wincanton acquired the Koblenz-based warehousing and transport specialist businesses ELI-Transport GmbH and ELI-Lagerhaus GmbH (‘ELI’) for an initial debt-free consideration of approximately €12m. Up to a further €3m may be payable subject to the financial performance of ELI in the period to 30 November 2009. Wincanton will also enter into a lease with the vendors for the operational properties in Koblenz. The acquisition provides a strong, profitable base for Wincanton’s German road network in an important geographic region and strengthen its groupage capabilities. The road network in Germany operates from 42 locations and provides both a platform for domestic distribution and a gateway for international transport flows for Wincanton's contract logistics and intermodal customers.



• In November 2008, Wincanton acquired CEL Group, a major container logistics provider in the UK, for an initial debt-free consideration of approximately £19.5m with up to a further £4.5m payable subject to the financial performance of CEL Group in the period to 31 August 2009. CEL provides UK wide container haulage, storage and maintenance services with operations at all the major UK ports. CEL fits extremely will with the acquisition of Hanbury Davies made earlier in 2008 and establishes Wincanton as the market leader in container logistics in the UK.