A fast-growing North East company has new equity partners after its current backers exited the business.
LDC, the private equity arm of Lloyds Bank, has exited its investment in transport management software provider Mandata to Tenzing, a London-based equity group specialising in tech companies.
Mandata’s technology allows the 海角视频’s carrier and haulage businesses to manage workflows and data more effectively, with products including traffic planning and management, tracking, telematics, and invoicing.
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Based on the Quorum Business Park, it employs 120 people, with other offices in Leeds, London and Leicestershire. It has around 2,000 customers which it supports with compliance, improving productivity, delivering efficiency savings and reducing carbon emissions.
LDC backed Mandata’s growth strategy, which included two major acquisitions: Returnloads.net in 2020, and Stirling Solutions earlier this year.
During its time with the company, LDC said its support had helped Mandata double its revenue and headcount.
Mandata CEO Chris Rigg said: “LDC’s support has been invaluable to the growth of Mandata. Gareth and his team completely backed our growth strategy and worked alongside our management team to provide operational support and help us to complete two significant acquisitions.
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“LDC’s local presence in the North East was important to our close working relationship with the team and it has been incredibly helpful to draw on their tech and software expertise. We now have a strong foundation in place to succeed in the next stage of our growth journey.”
Gareth Marshall, head of LDC in the North East, said: “We’re proud to have helped an exciting North East business to grow by supporting strategic acquisitions and investing in its operations. With its ambitious and highly-skilled team, Mandata is a brilliant example of the innovative businesses we have here in the North East, and we wish everyone at the company the best for the future.”
Guy Gillon, co-founder and joint managing partner of Tenzing, said: “Mandata’s mission critical software has never been more important to the supply chain. We’re super excited to work with Chris and the team to build on top of the strong foundations already in place, including a 94% customer retention rate and double-digit revenue growth.
“There’s a lot of potential in Mandata’s niche and we’ll be leveraging the full extent of our growth team to help Chris and team achieve our shared vision.”
The financial terms of the transaction have not been disclosed.
LDC and Mandata were advised by KPMG (corporate finance), Muckle (legal), KPMG (financial due diligence) and Roland Berger (commercial due diligence). Mandata’s management were advised by Paul Kaiser (corporate finance) and UNW (tax).
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