Connection backs £24m MBO for Cargostore

Connection's syndicate invested £7.5m in the buyout, which also sees Cargostore CEO Justin Farrington reinvest. The company's current PE backer, Agathos Management, will retain a minority stake

Debt facilities of £14.5m for the transaction and for expansion capital were provided by DunPort Capital Management.

Previous funding
Agathos acquired a majority stake in the company in 2016.

Company
Established in 1993, Cargostore provides specialist transport and storage container equipment for hire or sale around the world, primarily for the offshore wind power, oil and gas, international aid and defence markets. Based in London, it has 30 storage facilities and depot locations globally, and employs around 20 people.

The company reported profit before tax of £1.2m from revenues of £8.7m in 2018. It reported adjusted EBITDA of £3m for the same year. The company generated revenues of £11.32m in 2015.

People
Connection Capital – Bernard Dale (head, private equity).
Agathos Management – William de Laszlo (founding partner).
Cargostore Worldwide Trading – Justin Farrington-Smith (CEO).

Advisers
Vendor – DC Advisory (corporate finance); DMH Stallard (legal); BDO (financial due diligence); PwC (financial due diligence); CIL (commercial due diligence).
Equity – Gateley (legal); KPMG (financial due diligence); Grant Thornton (financial due diligence); Marsh (insurance due diligence).
Management – Browne Jacobson (legal).

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• Topics
• Buyouts
• UK / Ireland
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• Grant Thornton
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