LDC backs £17m MBO of Panther Logistics

Following completion of the transaction, Panther will invest in its operations department and the development of new services.

As part of the deal, the business has appointed Greg Ball, formerly managing director of financial and customer services at Home Retail Group, as non-executive chairperson. LDC's Rob Schofield and Victoria Marcer will take a seat on the board at Panther, while the company's founder and current chair, Wilson Barrett, will retire.

Santander's Midlands-based structured finance team provided a senior debt package to support the deal.

The investment comes just two months after LDC backed the £175m secondary buyout of CitySprint, another UK courier business, from Dunedin.

The GP has a track record of investing in the logistics sector. In December 2013 it teamed up with PostNL to support the rollout of TNT Post UK's end-to-end postal delivery service.

Company
Northampton-headquartered Panther provides next-day courier services with a focus on large, fragile items such as furniture, garden equipment, fitness equipment and audiovisual equipment. It has a fleet of 300 vehicles serving clients including Bosch Siemens Group, Dunelm and Silent Night.

The company generates a turnover of around £30m and operates from eight regional facilities throughout the UK. It has a permanent headcount of 300, with a further 500 staff employed during peak hours.

People
LDC – Rob Schofield, Victoria Marcer (investment directors).
Panther Logistics – Colin McCarthy (managing director).

Advisers
Equity – Gowling WLG (legal); BDO (corporate finance); PwC (corporate finance); CIL (commercial due diligence).
Company – Livingstone Partners (M&A); Howes Percival (legal).

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