European private equity firm Waterland Private Equity has entered into a strategic partnership with Palletways, acquiring a majority stake to support the company’s next phase of European expansion and operational development.
Under the agreement, Waterland will work closely with Palletways’ management team, led by CEO Luis Zubialde, to strengthen the network’s position as Europe’s largest and most trusted palletised freight operator. The investment is designed to accelerate growth across the continent, enhance network capabilities and drive further investment in technology, infrastructure and customer experience.
The transaction has been structured to support Palletways’ member network, with the business continuing to prioritise high service standards and reliable delivery performance. Palletways’ collaborative model, built around independent transport partners, remains central to its strategy.
Image: Palletways
Founded in 1994, Palletways has grown to serve thousands of customers across key European markets including the UK, Germany, Italy, Iberia, the Benelux region and Hungary. Headquartered in Lichfield, Staffordshire, the company operates 23 hubs across 25 countries and handles more than 10 million pallets annually.
Its operating model combines advanced digital logistics systems with a network of high-quality local transport partners, enabling efficient, cost-effective pallet distribution. Continued investment in digital platforms, including the Palletways Portal, has delivered real-time tracking and improved operational efficiency, reinforcing the company’s leadership in the palletised freight sector.
The partnership with Waterland marks a significant milestone in Palletways’ development. Waterland brings extensive experience in scaling logistics, industrial services and technology-enabled businesses across Europe. The firm is expected to support Palletways in expanding its footprint, enhancing service capabilities and pursuing selective acquisitions to complement its existing network.
Waterland has a strong track record in the sector, including partnerships with leading e-commerce fulfilment company QLS and previously with just-in-time maritime logistics provider GTS (Global Transport Solutions). Its expertise in supporting international growth is seen as a key factor in the deal.
Luis Zubialde, CEO of Palletways, commented: “Partnering with Waterland marks an exciting new chapter for Palletways. Their understanding of our sector, combined with their strong track record in supporting international growth, makes them the ideal partner for our next phase of development. Together, we will continue to invest in our network, our technology, and our people to deliver even greater value to our customers across Europe”.
Waterland selected Palletways based on its strong market position, resilient business model and exposure to long-term structural growth drivers within European logistics. These include the continued rise of e-commerce, increasing supply-chain complexity and growing demand for efficient and sustainable freight solutions.
Wendy McMillan, Partner at Waterland, said: “Palletways is a clear European leader in palletised freight distribution, with a proven model, a strong brand, and a highly capable management team. We are delighted to partner with them to support their ambitious growth plans. With their strong network, investment in technology, and operational excellence, Palletways is well positioned for the future.”
The partnership positions Palletways to accelerate expansion across Europe while strengthening its digital capabilities and member network, creating a solid platform for sustained, long-term growth in the evolving logistics market.
