NorthEdge acquires Abbey Logistics in MBO

The GP has invested an undisclosed eight-figure sum in the transaction, which was led by Abbey CEO Steve Granite.

Under its new ownership model, Abbey will look to expand through bolt-on acquisitions.

Upon completion of the deal, Ian Kelly, non-executive chairperson at NorthEdge-backed Utiligroup, will take a seat on the Abbey board. The group will also appoint a non-executive director and chief financial officer. The GP said the new recruits had already been selected, though their identities are yet to be confirmed.

The deal marks the second investment from NorthEdge’s second fund, which closed on its £300m hard-cap in March 2016 after just four months on the road.

Company
Headquartered in Liverpool and founded in 1990, Abbey is a logistics company specialising in the transportation of liquid and powder food products. The business has a headcount of 450 across nine locations including sites including Wirral, Hull, Manchester, Knowsley, Middlewich and London.

The company has increased its turnover from £20m to around £55m in the past five financial years. According to its latest financial statements, Abbey generated gross profits of £4.25m in the year ending in June 2015, with operating profits of £1.43m.

People
NorthEdge Capital - Jon Pickering (director); Dan Matkin (investment manager); Ben Wildsmith (portfolio director).
Abbey - Steve Granite (CEO).

Advisers
Equity - BDO (corporate finance); Pinsent Masons (legal); Graphene Partners (commercial due diligence); EY (financial due diligence); KPMG (IT due diligence, tax); Quinn Partnership (management due diligence); Vista (insurance due diligence).
Company - EY (corporate finance); Napthens (legal).

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