UK freight transport provider Stobart Group is divesting 51% of its core transport and distribution business for almost £240m ($401m) to a group led by the group’s current chief operating officer (COO) William Stobart and backed by asset management firm DBAY. Stobart Group will retain the remaining 49% share. The company will operate under the name Eddie Stobart Logistics.
William Stobart will step down as COO to become the CEO of the floated company.
Stobart Transport and Distribution includes all the Group's transport, storage and handling services. Operating from 50 sites in the UK and Europe, the Group's multimodal offering includes road transport, rail freight, air operations and port services.
In January last year the company sold its Stobart Vehicle Services division to UK-based fleet management and logistics provider Paragon Group. The division was been renamed Paragon Vehicle Services. That sale meant that Stobart divested itself of management services including car preparation, customisation and port operations, but retained the vehicle transport part of the business, including the truck fleet.