Total Capital in £20m MBO of Walkers Transport

The GP is making a hybrid debt and equity investment of £13.5m in exchange for a 60% equity stake in the company.

Under its new ownership structure, the company will continue to pursue organic growth across its existing operations along the UK's M62 motorway, in addition to targeting acquisitions of competitors where owner-managers are considering retirement.

Following the deal, founder Nigel Jenkinson will retain a minority stake in the business and will continue in the role of non-executive director and consultant. The management team led by CEO Richard Simpson will also retain a minority stake.

The investment is Total Capital's second investment this year, following the management buyout of leisurewear brand Weird Fish from Piper Private Equity in April.

Company
Founded in 1979, Leeds-headquartered Walkers is a logistics company providing pallet collection and delivery, freight forwarding, and warehouse services. It consists of the George Walker Transport, George Walker Transport Manchester and Northern Hub brands, and specialises in the transportation of ambient, non-hazardous, palletised goods for manufacturers, retailers, wholesalers and distributors.

Walkers has a headcount of 240 and generated £25m in revenues in 2016, according to a statement. The business has additional logistics centres in Birstall and Manchester.

People
Total Capital Partners – Mark Buttler (partner); Natalie Eastham (managing partner).
Walkers Transport – Richard Simpson (CEO).

Advisers
Equity – BDO, Matt Copley, Andy Higgins (financial due diligence); Graphene Partners, Sam Irving, Mike Wallis, Paul Miller (commercial due diligence, operational due diligence); Walker Morris, John Hamer, Ed Brown (legal).
Vendor – BHP Corporate Finance, Hamish Morrison, Matt Scott (corporate finance); Clarion, Jonathan Simms, Sarah Harrison, Rachel Dean (legal).

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• Buyouts
• UK / Ireland
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• United Kingdom