The 海角视频’s biggest independent “two-man” home delivery firm has been sold.
Northampton-based Panther Logistics – which operates in the “white glove”, premium home delivery sector – has been bought by US giant AIT Worldwide Logistics.
It specialises in retail and e-commerce deliveries, working for customers including Wayfair, Silentnight, Dunelm, Maze, Decathlon and Habitat, and the last year has seen it benefit from an exponential increase in online shopping.
Panther was subject to a £17 million management buyout back in 2016, under chief executive Colin McCarthy and his leadership team, which also saw mid-market private equity firm LDC take a stake.
The investment enabled the business to expand rapidly, investing in staff and technology, and adding new services and locations, which in turn helped it win customers.
LDC also helped strengthen management with the appointments of retail veteran Greg Ball as a non-executive chairman as well as Tony Nicholas as chief financial officer and Gary McKelvey as chief operating officer.
During this time, the business is reported to have created more than 300 new jobs, doubled sales to more than £60 million and tripled profits.
It now has more than 400 staff in eight 海角视频 locations.
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Financial details of the deal have not been disclosed.
Chicago-based AIT operates from more than 75 locations in Asia, Europe and North America, covering sea, air and ground freight with expertise in most sectors.
The acquisition will help it expand its presence in the 海角视频, with Panther’s current management team staying on, with commercial director Gary McKelvey moving up to managing director.
Panther CEO Colin McCarthy said: “The transaction is a “best of both worlds” outcome for the business, our customers and our people.
“We can retain our own identity and operating structure while benefitting from strong financial support and a broader offering for our customers as part of a global logistics player like AIT.
“We see enormous possibilities together especially with the acceleration in online retail, the growing importance of home delivery capabilities, and the increasingly complex and often global supply chain that sits behind the “final mile” operation for many of our customers.
“The value AIT sees in Panther is testament to our partnership with LDC over these past four years.
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“Together, we transformed the business, in terms of scale, operations and market position, whilst preserving what made us special.
“They backed me and my team to grow the business but provided the input we needed when making the big strategic decisions.
“That meant we were able to build a better, more resilient and ultimately more valuable business, in addition to the increased scale.”
Rob Schofield, director in LDC’s Midlands team, said: “Colin immediately came across as a highly capable and driven business leader when we first met him.
“He has built a high-quality management team, a great business and had real vision for Panther centred on superior service and responsiveness to the client – he just needed the capital and strategic support from a professional board to move forward at pace.
“This is a great example of how private equity investment can turbo-charge a business whilst staying true to its values and principles.
“We’re keen to back more businesses like Panther with the investment and support they need to realise their potential.”
AIT president and CEO Vaughn Moore, said: “I am thrilled to add Panther’s renowned two-man delivery professionals to our growing organisation and wish them all a warm welcome to the team.”
The shareholders were advised by Arrowpoint Advisory and Eversheds Sutherland.