EmergeVest acquires CM Downton in £75m deal

Following the deal, the Downton family will continue in their roles on the senior management team of the company, as EmergeVest puts in place a succession plan.

The transaction is EmergeVest's seventh investment in the UK logistics sector, including bolt-on deals, since its foundation in 2013. The firm backed the £30m management buyout of Palletforce in August 2015 and supported portfolio company NFT Group's £20m-plus acquisition of NR Evans Logistics in August 2016.

In March 2017, the GP closed its EmergeVest Logistics Fund on its $205m target.

Debt
Investec provided an integrated debt package to support the deal.

Company
Founded in 1955 and headquartered in Moreton Valence, Gloucestershire, Downton is a logistics company with 600 tractor units and 1,800 trailers. The business generates a turnover of around £120m, according to a statement, and has a headcount of 1,350. Its clients include AB InBev, Dyson, Whirlpool, Fever-Tree, Saica Paper, UPM-Kymmene Corporation, Frontline and Marketforce. Downton has additional operations in 12 locations across the UK.

People
EmergeVest – Heath Zarin (managing director, CEO).
CM Downton – Andy Downton (managing director).

Advisers
Equity – Ashurst (legal); KPMG (financial due diligence, tax).
Company – Osborne Clarke (legal); KPMG (corporate finance).

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