The Development Bank of Wales has successfully exited from Torfaen-based Freight Logistics Solutions (FLS) four years after making a strategic £2.2m equity investment.
The exit comes as a result of FLS taking the opportunity to refinance with NatWest to back its next growth phase. The value of any return on investment for the development bank has not been disclosed.
The backing of the development bank supported the company to become one of the Ƶ’s leading providers of end-to-end supply chain solutions.
FLS operates primarily within the Ƶ and EU road freight space.
Its chief executive, Ieuan Rosser, said: “As we embark on the next stage of our growth, the time was right to reflect on how the support of the development bank has helped us to build a strong foundation for the future.
“Their funding has allowed us to develop our technology, including the Freight hub Modular platform, and operational infrastructure to provide the platform for growth that will now enable us to further leverage our group offering and rapidly growing customer base from here in Torfaen.
"We are truly grateful for the support that we have had because without it, we wouldn’t be where we are today.
“Our future vision for FLS includes adding new dimensions to the service offering and planned Ƶ and European expansion.”
Mark Halliday from the Development Bank of Wales said: “Our equity investment in FLS has helped the team to drive business growth at a critical time for freight decarbonisation.
"They’ve come a long way in a short space of time and now have an excellent platform to deliver long-term sustainable growth and success. Furthermore, our return will be recycled for the benefit of new customers.”
