Phoenix reaps 4.3x on £163m Palletways sale to Imperial

The divestment represents a 4.3x money multiple for Phoenix and brings the firm's total returns over the past year to £370m, unquote" understands.

Under Phoenix's 12-year holding period, the company has expanded through an international and acquisitive growth strategy.

The deal marks a fourth exit for the GP in the past 12 months, having generated a 3.6x return on the sale of CloserStill to Inflexion and NVM, a 2.3x return on the £118.5m sale of Edif to Vei Capital-backed Rina, and a 2.9x return on the IPO of The Gym Group.

Previous funding
Phoenix backed the buy-in management buyout of Palletways from 3i in July 2004, in a deal valuing the business at £40m, according to unquote" data.

Company
Founded in 1994 and headquartered in Lichfield, Staffordshire, Palletways is a pallet delivery company. The business delivers to 20 European countries and has additional operations in Switzerland, the Netherlands, Germany, Italy and Spain.

People
Phoenix Equity Partners – Richard Daw (managing partner).
Palletways – James Wilson (CEO).

Advisers
Vendor – Lazard (corporate finance).
Acquirer – Squire Patton Boggs, Richard Hunt, Hannah Graham, Peter Morley (legal).

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