Thu, 16 May 2024 | BUSINESS SALE
Private equity investor Shilling Group has acquired a logistics firm based in Shropshire after securing a £2.75 million finance facility from Paragon Bank. The invoice facility enabled Shilling to raise finance against the debtor book of Simmonds Transport, which it used to support the acquisition and provide post-completion working capital.
The trading arm of Birmingham-based Shilling Group has acquired Simmonds as part of its plans to invest £3 million in fleet efficiency and emissions reduction. The group specialises in delivering acquisitions for clients and joint venture partners, while its trading arm operates a variety of businesses.
Simmonds Transport, which was founded more than 45 years ago, is a Telford-based logistics and warehouse firm. The company operates a large commercial vehicle fleet and manages more than 250,000 sq ft of warehousing.
The deal was led on behalf of Paragon by Senior Sales Manager for Invoice Finance Steve Holmes and is the latest in a series of successful deals that Paragon and Shilling Group have completed over the past decade.
Steve Holmes commented: “I am delighted to complete another transaction with Shilling Group. As a specialist invoice finance lender, we understand what is required to support a business acquisition and, through a close relationship with Shilling, we helped finalise the purchase of Simmonds Transport in the timelines required.”
Regarding the structure of the deal, Holmes added: “The debtor book is a great way to help in a sale and purchase of a business, and one that is sometimes overlooked.”
Shilling Group’s Group Operations Manager Bart Walkerdine said: “It is always good to work with Steve and the Paragon Team as they genuinely understand the acquisition process, as well as the post-completion cashflow needs of an acquired business.”
“Having an institution such as Paragon backing our Simmonds Transport venture has given us the ability and confidence to begin executing a £3 million program to increase the efficiency and reduce the emissions of the Simmonds fleet as part of our overall growth strategy for the business.”
In a tough financing environment, businesses may have to get creative with their funding in order to secure M&A capital
Despite numerous headwinds, M&A remains strong in the UK logistics sector
Presenting to the market this exceptional, highly profitable and extremely busy meat wholesaler business as a highly desirable virtual freehold in Central London.
The company is a wholesaler of an extensive range of specialist ancillary welding equipment relating primarily, but not exclusively, to the stainless-steel industry. The business sources its products from a wide-ranging network of reliable, internati...
A well formed food distribution supply chain business. Work with number of food producers, wholesalers and retailers in and around the Kent area. Currently employing 10 members of staff.
14
|
Nov
|
ROL Cruise sets sail on employee ownership journey | BUSINESS SALE
Independent cruise retailer ROL Cruise has marked its upcomi...
14
|
Nov
|
Timber groups merge to carve out new acquisitions | MERGER
Two timber groups have joined together to form a £80 m...
14
|
Nov
|
Swanton Care buys mental health services peer Oaklands Support | BUSINESS SALE
Private equity backed Swanton Care has bought counterpart Oa...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.