JST Ports & Logistics Group (“JST”) announces the acquisition of the rail-handling and logistics company, RFS Works Ltd (“RFS”), from Aggregate Industries UK and GRS Group.
RFS is a leading provider of material handling services, earthworks and heavy mobile equipment solutions particularly focused on primary construction materials in the rail sector.
JST, via its primary operating entity JST Services (Scotland) Ltd, is a UK-wide independent port handling specialist in the bulks and general cargo sectors.
RFS became part of Aggregate Industries UK (“AIUK”) in 2007 as part of the wider Foster Yeoman acquisition. In 2017 it changed its name to RFS Works Limited as part of a new joint venture company between AIUK and GRS Roadstone.
Aggregate Industries and GRS will continue to work closely with RFS.
The combination of the RFS and JST businesses will create the leading, independent, UK ports and rail logistics specialist with over 200 employees, a material handing fleet in excess of 100 large machines, and combined revenues of over £40 million.
Both RFS and JST have histories dating back over 30-years and have developed unique and industry-leading positions during this period. Whilst RFS has focused on the aggregates and construction sectors, JST serves a wide range of customers handling a diverse number of commodities including aggregates, timber, steel, agri-bulks, general bulks, recycling and alternative fuels markets. The newly merged company will have the strength and capability to serve existing and new customers develop integrated port and rail-centric logistics networks across the UK and Ireland, presenting a unique opportunity for modal shift, helping industrial customers on their path to NetZero.
JST is owned by alternative investment company Shard Credit Partners and current CEO, Richard Jennings. JST was advised on the acquisition by Newcastle-based RG Corporate Finance, with a team led by partner Carl Swansbury, supported by CF director Alex Simpson and CF manager Sam Shield. JST received legal advice from Gateley, with financial due diligence being performed by Azets, AIUK and GRS Roadstone received legal advice from Addleshaw Goddard.
Carl said: “Having advised on the original MBI of JST back in 2020, it’s great to see the business grow further with the acquisition of RFS Works Limited. It was a pleasure to advise Richard and JST on the acquisition , and we look forward to working with the enlarged group and seeing the business go from strength to strength over the years to come.”