A Midlands transport specialist has undergone a management buyout - and managers say the deal could help the business double in size over the next three years.
The deal for Logik Logistics International, backed by Frontier Development Capital (FDC) and Debrett’s Private Equity (DPE), values the business at approximately £6m.
Logik provides time-critical transport services to companies in the automotive, aerospace and retail industries, including Jaguar Land Rover, BMW, Aston Martin and Amazon.
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The MBO team has been led by current CEO Dave York. He said: "I would like to thank our former owner, Peter Ackrill for all his support and encouragement over the last few years. He leaves the business in a very strong position, having set a great example for us.
"Our business thrives in bringing swift solutions in times of uncertainty. During the last few years it has grown from strength-to-strength as customers turn to Logik with challenges created by Brexit, Covid and production disruptions.
"This deal beckons a new era for us to take advantage of the market growth based on our outstanding service and dedication to our customers”
Darryl Eales, chairman and investor at Debrett’s Private Equity, said “I’m delighted to become both chairman and shareholder in Logik and to support Dave, Anna and Andrei in their exciting future growth plans for the business.
"They exemplify the nimbleness and rapid reaction necessary to meet customers’ requirements and tight timescales in this supply chain critical activity and I believe they will use this outstanding platform to drive exceptional further growth over the next three to five years."
Charlie Robinson, investment director at Frontier Development Capital, said: "Dave and his team have created a business with a core purpose of ensuring that customers' needs are always met.
"We were particularly drawn to this client-centric approach and dedication to ensuring deliveries are made successfully and believe it provides the cornerstone to the impressive growth that Logik has been able to achieve in recent years. We are looking forward to working with Dave, Darryl and the rest of the team on the next stage of their journey."
Debrett’s Private Finance is part of the Birmingham-based ARMCO group of companies.
The MBO team was advised by Debrett’s Private Finance, Browne Jacobson LLP and Randall & Payne. FDC was advised by Gately plc and Azets. The vendor, Peter Ackrill, was advised by HB&O and Thursfields Solicitors.
