Kidderminster's Fransen Transport, one of the region's best known international refrigerated haulage companies with over 30 years of trading, has been taken over in a "home-grown" deal by Birmingham-based Cherrystone Investments.

Cherrystone, headed by managing director Paul Priestley, bought the #3 million turnover company for an undisclosed sum from shareholders Adrian Pulleyn, of Pulleyn Transport in Reading, and founder Henk Buzink.

The deal follows Cherrystone's acquisition last December of PJ Butler and Sons, a #3.5 million-a-year general road haulage business based in Oldbury.

Together with the group's storage business, European Storage, combined group annual sales are expected to exceed #10 million this year. Mr Priestley said: "Credit must go to Henk, who remains with the company, and his team for making the business what it is today. The deal will enable Cherrystone to concentrate on developing its niche transport operations. Further acquisitions in the sector are planned."

Cherrystone was advised by Warwickshire corporate finance special-ists Gold Corporate Services, and funded by Close Invoice Finance of Birmingham.

Gold's finance specialist Ian Taft acted as lead adviser and was helped to structure the financial package by David Butler, regional sales director of Close. Banking facilities for the group were provided by Allied Irish Bank (GB) in Worcester, and State Securities supported the deal with an asset finance facility.