An agreement has been reached between supply chain experts WIncanton and French maritime transport giant CMA CGM.

As part of CMA, CEVA Logistics UK Rose will become the new owners of the Chippenham-headquartered firm, which operates a depot at Gloucester Business Park in Brockworth.

Wincanton last hit Punchline-Gloucester.com headlines in October when the firm lost a lucrative Lucozade deal with Forest of Dean drinks maker Suntory, but the news also lands amid the good news of a significant five-year contract with construction materials group Marshalls, the contract seeing Wincanton take on the annual delivery of 3.5m tonnes of roofing products.

The entirety of the Marshalls' landscape products fleet will now be managed and operated by Wincanton and the move means 300 staff from Marshalls will be transferred to Wincanton's payroll.

Reports indicate that, based on valuation of the company at £764.9m, a cash offer of 450p has been made by CEVA for each share held. CEVA, who are a wholly-owned subsidiary of CEVA Logistics SA, is said to have agreed share capital of Wincanton being set at around £566.9m.

A statement from CEVA said the move marked an: "attractive growth opportunity that is in line with CEVA's expansion strategy", adding that it was also a "unique opportunity to expand CEVA's offering in the UK, and to acquire complementary grocery and consumer expertise".

Wincanton's directors have told shareholders that they consider the offer to be "fair and reasonable" and recommended accepting the bid.

Sir Martin Read, CBE, chairman of Wincanton, said: "This offer from CMA CGM is testament to the strength of the business we have built, our strategy, our strong customer relationships and our excellent people."

He added that CMA CGM is a "highly-experienced operator" and a move within the company would allow Wincanton "to capitalise on the significant growth opportunities ahead".

He added: "In unanimously recommending this offer to shareholders, the directors believe it is in the interests of all the company's stakeholders. While we remain confident in the long-term prospects of Wincanton and the wider sector, we recognise that the strong performance of the company has not been reflected in the performance of its shares in recent years."

Mathieu Friedberg, chief executive of CEVA, added: "The proven track record of both CEVA and Wincanton are largely thanks to our respective employees. In addition to the innovative logistics solutions that we could develop and offer together, we would be optimally positioned to answer even more supply chain challenges for our combined set of UK customers."

● The most recent check on Wincanton's share price this morning stood at 438.5p.