Waterland Private Equity has acquired a majority stake in Palletways, backing one of Europe’s largest pallet distribution platforms to accelerate expansion across the continent.

The UK-headquartered logistics group operates 23 hubs across 25 European countries and handles more than 10m pallets annually. Its model combines centralised digital systems with a network of local transport partners, enabling cross-border freight distribution at scale.

Waterland will partner with CEO Luis Zubialde and the existing management team to pursue operational enhancements, further investment in digital platforms, and selective acquisitions. The transaction positions Palletways to capitalise on structural growth drivers in European logistics, including e-commerce expansion, supply-chain complexity, and demand for efficient freight solutions.

For Waterland, the investment reinforces its strategy of scaling technology-enabled industrial platforms across Europe. The firm has prior experience in logistics and fulfilment businesses and is expected to support Palletways through cross-border growth initiatives and potential bolt-on acquisitions.

“Palletways is a clear European leader in palletised freight distribution, with a proven model, a strong brand, and a highly capable management team, said Wendy McMillan, Partner at Waterland. “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 underscores sustained private equity interest in asset-light logistics networks capable of leveraging digital infrastructure and pan-European scale.

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