03 05 2016

Panther Logistics' £17 million Buyout

Gowling WLG has advised leading mid-market private equity firm LDC on its £17 million buy-out of Panther Logistics.


Panther, which is headquartered in Northampton, specialises in two-man and one-man assisted delivery services for major brands and retailers, including Dunelm, Silent Night and Bosch Siemens Group. It provides customers with next day deliveries and UK-wide coverage via a network of eight strategically located regional hubs* and employs 300 people, expanding to over 800 with additional temporary staff during peak periods. Its fleet comprises 300 fully-liveried vehicles, whilst its proprietary IT platform offers market-leading track and trace capabilities to its end customers.
Panther has more than doubled sales in the last two years to almost £30m, thanks to the continued growth of online shopping and its reputation for customer focus and service excellence. The buyout was led by the business’ Managing Director Colin McCarthy, alongside seven other members of the management team. As part of the deal, LDC has acquired a significant minority shareholding in the firm, enabling its founder, Wilson Barrett, to retire.   The firm has also appointed Greg Ball as a Non-Executive Chairman. Ball’s retail career includes senior positions with Littlewoods and Home Retail Group, where he was a main board director with responsibility for its home delivery operations. The transaction was led by LDC Investment Directors Rob Schofield and Victoria Marcer, who both join the board, and was supported by senior debt facilities from Santander’s Structured Finance team in the Midlands. Gowling WLG advised LDC on its investment with a team including Jeremy Millington (Picture), Laura Dick, Charlotte Pitt (M&A), Navin Prabhakar, Stephanie Brigham (Banking & Finance), Greg Dunn and Matthew Dorman (due diligence). Involved fees earner: Jeremy Millington - Gowling WLG; Laura Dick - Gowling WLG; Charlotte Pitt - Gowling WLG; Greg Dunn - Gowling WLG; Navin Prabhakar - Gowling WLG; Stephanie Brigham - Gowling WLG;

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