Falkland Island Holdings acquires Momart

Source: Supply Chain Digital

Date :05/03/2008 17:07:06

Falkland Islands Holdings Plc (FIH) acquires art logistics and storage company Momart International Ltd for £10.27 million in a cash and shares deal.

Management at Momart, which stores and transports works on behalf of The Tate Galleries, the Metropolitan Museum of New York and the artist Damien Hirst, will receive the bulk of the proceeds of the cash and share deal on Tuesday by FIH, the international services group which owns essential services businesses focused on transport and logistics.

Following the acquisition, Momart’s key management and staff will continue to work within the group to drive its continued expansion, particularly in rapidly growing overseas markets.

Logistics and art

David Hudd, Chairman of Falkland Islands Holdings Plc, said: “Momart is a high quality business with a strong management team and is a good cultural fit with FIH. The acquisition gives FIH a new source of earnings from a business with a long record of cash generation and profits, and which has superior growth prospects.

Established in 1971, Momart has grown steadily to become a globally-respected logistics group focused exclusively on the storage, transportation and installation of fine art, ranging from paintings, to sculptures, to complex installations, into, out of and within the United Kingdom.

Momart shipped exhibits including “The Dance” by Henri Matisse as part of the From Russia exhibition currently on show at the Royal Academy.

March 05, 2008

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