Axcel buys Danx, Livingbridge-backed Carousel

According to Danish publication Borsen, the deal values Danx and Carousel at DKK 1bn (EUR 134m).

The combined companies will post revenues of around DKK 1.4bn (EUR 188m), according to a statement.

Danx CEO Klaus Rud Sejling will take on the position of CEO at the merged group, while Carousel CEO Jonathan Simpson-Dent will take the role of chair of the board. Danx founder Søren Gønge will continue as a member of the combined entity's board and will hold a significant stake in the new entity.

Axcel is deploying equity via Axcel VI and the deal marks the fund's ninth investment. The vehicle held a final close in August 2021 on its EUR 800m hard-cap. The fund generally backs deals with enterprise values of EUR 100m-250m, focusing on Nordic mid-market companies. Axcel VI is expected to make 12-14 deals in total.

Livingbridge first invested in Carousel in 2013, taking a minority stake via its GBP 51.5m Isis Growth I vehicle, which held a final close in July 2013.

Gresham House Ventures, which acquired Livingbridge VC (comprising the Baronsmead VCTs and the Livingbridge Equity Funds) in 2018, is also selling its stake in Carousel. The share was held via its Baronsmead VCTs. The VCTs originally invested GBP 4.25m in the company in 2013, according to a statement.

Livingbridge said in a statement that Carousel's revenues increased fivefold during its investment period.

Company
Founded in 1986, Carousel provides aftermarket logistics services via its Gateway technology platform, serving original equipment manufacturers. It is headquartered in Sittingbourne, with additional offices in the Netherlands, Germany and Spain. Carousel employs 213 staff, versus 57 at the time of Livingbridge's original investment.

Danx (which stands for Day And Night eXpress) is an in-night spare parts distributor serving the Nordic and Baltic regions. It was founded in 1992 and is headquartered in Ishøj.

People
Livingbridge – Matthew Jacobs (partner).
Axcel – Lars Cordt (partner).
Carousel Logistics – Jonathan Simpson-Dent (CEO).
Danx – Klaus Rud Sejling (CEO).

Advisers
Vendor – Houlihan Lokey (corporate finance); Eversheds Sutherland (legal); PwC (financial due diligence, tax; FTI Consulting (commercial due diligence).

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