Midlands-based logistics firm Logik Logistics International Limited (“Logik”) has undergone a management buyout after securing investment valuing the business at approximately £6m.
National investor Frontier Development Capital ("FDC") provided £4.7m of funding to support the MBO, led by CEO Dave York who will continue as CEO. The investment follows a period of rapid growth for the company, which specialises in pan-European time critical logistics services.
Logik has particular expertise in the automotive, aerospace and retail sectors, with customers including leading brands such as BMW, Rolls Royce, Jaguar Land Rover, Aston Martin and Amazon.
As part of the deal, experienced private equity investor Darryl Eales will join the board as non-executive chairman.
Dave York, Managing Director at Logik Logistics International, said:
“Logik has gone from strength to strength over the past three years in a challenging and uncertain global climate. Our team strives to be the best time-critical logistics provider to sectors where we have real expertise, and our strong performance is testament to their dedication to doing a great job for all our customers.
"We are looking forward to exciting times with Charlie and FDC, as well as the unparalleled expertise that Darryl will bring to the table as Chairman alongside ongoing support from James and the Debretts team who have provided invaluable advice through the transaction process.”
Charlie Robinson, Investment Director at Frontier Development Capital, said:
“Frontier Development Capital is particularly focused on providing flexible capital to support UK regional businesses to realise their growth potential. Dave and his team have created a business with a core purpose of ensuring that customer’s 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.”
FDC was advised by Gately plc (Legals) and Azets (Financial Due Diligence). The MBO team was advised by Debretts Private Finance, Browne Jacobson LLP and Randall & Payne. The vendor, Peter Ackrill was advised by HB&O and Thursfields Solicitors.
