Tue, 16 Jul 2024 | BUSINESS SALE
Logik Logistics, a logistics firm based in Coventry, has been acquired by Danish logistics group Danx Carousel. The deal provides an exit for Debrett’s and Frontier Development Capital (FDC), which backed Logik Logistics’ management buyout (MBO) in 2022.
Logik Logistics provides transport solutions for industries including automotive, retail, pharmaceutical, publishing, carbon composite, marine and aerospace. It specialises in time-critical, on-demand, round the clock and scheduled logistics solutions.
Its clients include original equipment manufacturers (OEMs) and companies requiring urgent shipments of medical products and ship spares, as well as major brands such as Amazon, JLR, Aston Martin and BMW.
Following the acquisition, the company will continue to be led by CEO David York, working within the Danx Carousel group.
When Logik Logistics underwent its MBO in 2022, the company was initially valued at around £6 million. The sale to Danx Carousel has now reportedly generated a 5.6x multiple return for Debrett's, as well as a similar return for FDC.
Following the sale, Logik Logistics CEO David York commented: "When searching for investors for the MBO, I wanted to find the capital and support required to take full advantage of the opportunity we had.”
He continued: “Joining forces with Carousel Logistics opens up exciting opportunities for our team and our clients. We look forward to leveraging our combined strengths to deliver unparalleled service to customers across Europe, whenever they need us.”
Lars Ryssel, managing director of Western Europe for DANX Carousel added: “This acquisition not only expands our time-critical logistics capabilities but also strengthens our on-demand / ad-hoc service platform, enabling us to better serve our customers’ needs.”
“Logik’s expertise and round-the-clock availability will enable us to deliver even greater value and efficiency to our clients across Europe, regardless of the time or urgency. We welcome Logik Logistics International to the Carousel family.”
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