Isis backs Carousel with replacement capital
Isis Equity Partners has acquired a stake in logistic service provider Carousel Logistics through replacement capital.
The capital will be used to fund the firm's expansion within the UK and across Europe.
The equity was provided via the Isis Growth I vehicle, which held its final close in July 2013 on £51.5m.
The investment in Carousel is Isis's ninth transaction so far this year. At the beginning of October, Isis divested On the Beach in a £73m secondary buyout, delivering a return of 3x money and an IRR of 20%.
Company
Carousel offers logistic services to clients in the high-end fashion and luxury goods market as well as the healthcare, automotive and agricultural sectors.
The firm is based in Sittingbourne, Kent, where it employs 57 members of staff. It was founded in 1985.
People
Paul Morris, Steve Cordiner and David Cotter led the deal for Isis. Graham and Michael Martin manage Carousel. Paul Morris will join Carousel's management board.
Advisers
Equity – Grant Thornton (Corporate finance).
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