LDC backs £105m ByBox MBO

The GP said it has acquired a "significant stake" in the business via the transaction.

On completion of the buyout, ByBox will look to expand internationally through the rollout of its supply chain management software, expansion of its courier network and development of its click-and-collect service.

As part of the deal, LDC managing director Yann Souillard and investment director Alastair Weinel will take a seat on the ByBox board. Martin Hiscox, a former vice chairperson of US-based and private-equity-backed supply chain logistics company JDA, has been appointed as chairperson of ByBox.

The deal marks the 13th investment by LDC in 2016, and comes six months after the firm backed the £175m secondary buyout of another logistics business, CitySprint, from Dunedin.

Debt
RBS led a banking syndicate that provided a £55m senior debt facility to support the deal, in addition to capex and working capital facilities.

Company
Founded in 2000 and headquartered in Harwell, Oxfordshire, ByBox is a logistics company operating a network of technology-enabled lockers across the UK. It delivers and stores engineering parts for clients including Npower, Vodafone, Fujitsu and BT.

Bybox operates a network of nine distribution centres throughout the UK, in addition to a hub in Coventry. The business has a headcount of 400 and generated a turnover of £73m in 2015.

People
ByBox - Stuart Miller (CEO); Steve Huxter (COO).
LDC - Yann Souillard (managing director); Alastair Weinel (investment director).

Advisers
Equity - Spectrum Corporate Finance (corporate finance); Shoosmiths (legal); BDO (financial due diligence).
Company - PwC, Coolin Desai (corporate finance); Liberty Corporate Finance (corporate finance); Osborne Clarke (legal).

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• Topics
• Buyouts
• UK / Ireland
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• United Kingdom
• LDC