UTI was formed in June 2000 when Yardbrace Group, a holding company specialising in bulk transportation and an  existing CBPE investment, acquired its largest competitor from Rentokil Initial plc. This acquisition substantially increased its presence in the bulk dry chemicals market, and established it as a leading player in the global bulk liquid chemicals transport. In Autumn 2002, the Rotterdam-based liquids business (UTT) was acquired by its local management team, backed by 3i. The remaining business, United Bulk Containers (UBC) is the leading European operator in its market.