Harwood takes stake in PLT alongside Firmament

Katharine Hidalgo
03 February 2021

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Harwood Private Capital has invested in Principal Logistics Technologies (PLT), a warehouse management system software company, alongside The Firmament Group.

Harwood aims to support founder-owned business in the UK and Europe with profits of £2-10m. While the firm does not operate from a traditional private equity structure, it has committed capital from British Business Investments.

New York-based Firmament seeks to invest in companies with revenues of $10-300m and EBITDA of $3-30m, providing equity tickets of $5-30m with a sweet spot of $10-20m.

The investment will support the company's growth strategy. Recent acquisitions include Dublin-based company Brentech Data Systems.

Founder Peter Flanagan will continue to lead the business alongside Brian Connolly, the company's recently appointed corporate development director.

Company
Edinburgh-based PLT was founded in 2014 and provides supply chain logistics management systems and third party logistics systems to the warehousing, distribution and fulfilment service industries. The company generated revenues of £845,944 in 2019, down from £1m in 2018, and employed four people, according to its public accounts.

People
Principal Logistics Technologies – Peter Flanagan (founder).

Advisers
Equity – Simmons & Simmons (legal); Dentons (legal).