NFC SELLS MOVING BUSINESS TO NORTH AMERICAN VAN LINES’ PARENT
United Kingdom-based NFC plc, the parent company of Exel Logistics, has
agreed to sell its moving services to Clayton, Dubilier & Rice, Inc., the parent
company of North American Van Lines, for about $450 million.
NFC’s moving services business, Allied Pickfords, will be merged with North
American Van Lines. The combined business will be the world’s largest moving services
provider, with revenues of more than $2 billion and operations in 36 countries.
NFC will retain a 20-percent interest in the combined company.
NFC said that it will use the proceeds of the sale to accelerate the
development of Exel Logistics.