Zupplychain warehouse provider Abbey Logistics has recently secured a management buy-out (MBO) led by incumbent CEO, Steve Granite.
The Liverpool-headquartered company was set up more than 25 years ago by the Lucy family, specialising initially in the liquid food ingredients transportation market, with more recent diversification into the bulk powder market, pallet storage and transport and warehousing. Long-standing relationships with a number of pan-European blue chip customers have been built up over the years enabling Abbey to grow its business year on year to become a market leader in the food ingredients transportation market, with Its slogan ‘on the road to a greener future’ reflecting the company’s focus on providing more environmentally friendly logistics solutions.
Abbey Logistics has demonstrated strong growth over the past five years with turnover increasing from £20m to over £55m as a result of a number of acquisitions and large contract wins. It has a fleet size of 350 tractor units and 570 trailers/tankers operating across the UK and Europe. The business employs over 450 staff and operates from nine sites including Wirral, Hull, Manchester, Knowsley, Middlewich and London. Abbey is also a shareholding member of the Pallet-Track network.
Abbey Logistics has registered its 140k sq ft Bromborough (Wirral) warehouse on Zupplychain for pallet storage.
The MBO has been backed by Northedge, a fast growing PE house based in Leeds and Manchester with £525m of funds under management and focussed on investments in the north of England. The new funding will support the business as it continues to expand in the UK logistics industry – a market worth around £55bn. Abbey will be targeting growth with new and existing customers in both transport and warehousing, as well as exploring a number of acquisition opportunities.
The deal will provide a full exit for the founding family and the business will continue to be led by Steve Granite as Chief Executive and Dave Coulson as Commercial Director. Steve commented on the deal: “We are delighted to have partnered with Northedge Capital to complete the MBO and enable the Lucy family to exit the business realising their well-earned value. It is an exciting new chapter in the life of Abbey Logistics and we are very much looking forward to continuing the successful journey we’ve experienced to date. Our customers and employees will benefit from the transaction as the new investment enables us to develop our business and continue growing from solid foundations. Through both organic and acquisitive growth Abbey will become the market leader in both the liquid and powder transportation markets over the coming years.”
Zupplychain congratulates Steve and his team on the MBO and looks forward to continuing to partner Abbey Logistics in its warehouse storage business.