Phoenix invests in GFS

Financial details of the transaction remain undisclosed, though Phoenix typically invests in companies with enterprise values of between £30-150m.

It is understood the GP will look to capitalise on the high growth rate currently being experienced within the logistics and delivery sectors. GFS's existing management team, led by CEO Neil Cotty, will remain in their roles following the transaction.

The deal marks the third investment from Phoenix's 2016 fund, which is targeting £500m and held a first close on £250m in March 2016. In January, the GP invested in UK ophthalmic implant business Rayner Surgical Group, alongside management and existing investors.

A spokesperson for Phoenix declined to comment further on the deal.

Company
Founded in 2001 and headquartered in Horsham, West Sussex, GFS is a courier aggregation and management company serving SME business-to-business and retail clients. The business works alongside 50 logistics companies and has around 300 customers, according to a statement issued by the GP.

GFS generated a turnover of £39m in the year ending March 2016, according to publicly available records, with gross profits of £9.6m.

People
Phoenix Equity Partners – Richard Daw (managing partner).
Global Freight Solutions – Neil Cotty (CEO).

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