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Cogels Investments Ltd on Thursday said Xpediator PLC agreed to be taken over by funds advised by BaltCap, Cogels Investments Ltd and Nuoma IR Kapitalas. Cogels Investments, whose director Stephen Blyth is the founder and former Chief Executive of Xpediator, said the takeover values the Braintree, England-based freight management services provider at £62.3 million, or 42 pence per share plus a special dividend of 2p per share, which it said was a 19% premium to the company’s closing share price of 37.0p on Wednesday. Xpediator shares climbed 14% to 42.03p each following the announcement. BaltCap is an investor in the Baltic region, and Nuoma is a 20% shareholder of Xpediator’s subsidiary Delamode Baltics UAB, as well as Delamode’s managing director. Stephen Blyth said: ‘I initially founded Xpediator in 1988 and was CEO of the business until May 2020. Cogels strongly feels that a partnership with BaltCap and [Nuoma director] Justas [Versnickas] - and the expertise and skills which they each bring - will be conducive to entrepreneurial growth of the Xpediator Group and help capitalise on new opportunities. We look forward to once again being a part of the Xpediator Group. Cogels expects the takeover to complete in the third quarter of 2023. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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