Tughans has advised Woodside Tankfreight, part of the Woodside Group, on its acquisition of Montgomery Tank Services, a transaction that further expands Woodside's specialist transport operations across the UK and Ireland.

Woodside Group is a family-owned logistics operator headquartered in Ballynure, County Antrim, founded in 1967 and comprising Woodside Haulage, Woodside Distribution, Woodside Motorfreight, Woodside Tankfreight and Woodside Global. The group reported revenue of £97.3 million and pre-tax profit of £7.4 million for the year to 31 March 2024, up 5.5 percent and 18.3 percent respectively on the prior year, with growth attributed to organic expansion and the recovery of its vehicle logistics division.

Montgomery Tank Services is a long-established bulk tanker transport operator serving customers throughout the UK and Ireland. The acquisition reflects Woodside Tankfreight's ongoing investment in its transport and logistics capabilities and broadens its operational reach across key markets.

The structural driver is consolidation within the Irish Sea bulk tanker segment, where Woodside Haulage and Woodside Tankfreight have faced increasing pricing pressure in a market the group has described as highly competitive, prompting targeted acquisitions to preserve turnover and profit levels.

The Tughans team was led by John McGuckian alongside Brendan Donnelly and Patricia Rooney, providing corporate and transactional advice throughout the acquisition process.

John McGuckian, partner at Tughans, said, "We were delighted to support Woodside Tankfreight on this strategic acquisition. The transaction represents an important step in the company's continued growth and demonstrates the ongoing strength of the transport and logistics sector across the UK and Ireland."

Woodside operates depots across Ballynure, Belfast, Dublin, Liverpool and Preston, giving it direct access to major shipping routes across the Irish Sea, including services from Belfast, Dublin, Warrenpoint and Larne.

For the sector, the deal illustrates how established Irish Sea logistics groups are using targeted acquisitions to defend margins and scale in a bulk transport market shaped by persistent pricing pressure.

Source: Irish Legal News