NorthEdge Capital backed a multi-million pound buyout of the Liverpool firm led by Steve Granite last year and since then annual revenues have rocketed by 50% to £70m. Tony McDonough reports
In August last year Liverpool-based Abbey Logistics underwent a management buyout and since then its revenues have soared 50% to £70m.
The MBO of the firm, which employs more than 600 people across the UK, was led by chief executive Steve Granite and backed by North West private equity specialist, NorthEdge Capital.
Now the success of that deal has been recognised by Professional Liverpool (PL), a members’ organisation representing Liverpool city region’s professional sector.
At PL’s AGM and lunch at Liverpool Town Hall Abbey Logistics was given the Corporate Finance Deal award in recognition of the growth since the buyout with the firm now aiming to break through the £100m turnover barrier.
Abbey is one of the UK’s most recognised and respected road tanker transport brands, providing road transport and logistics services to bulk powder and liquid customers throughout the UK and Europe.
NorthEdge Capital manages £540m of private equity funds aimed at lower mid-market buy-out and development capital transactions in the North of England and the Midlands.
In front of around 200 lunch guests at the PL event, Mr Granite accepted the award on behalf of Abbey and NorthEdge.
He said: “The original owners of the business were looking to exit the business, but we recognised that there were significant growth opportunities for the business, so private equity investment was the ideal route.
“We had complete confidence in NorthEdge to deliver this deal, and many benefits have already been achieved.
“The first 12 months since the investment has seen lots of positive changes within Abbey Logistics, and what we’ve achieved in that time is something that could usually take four or five years.
“It’s great that the hard work of both the Abbey Logistics and NorthEdge teams has been recognised by Professional Liverpool.”
Matt Noon, head of PL’s corporate finance group, added: “One of our main objectives is to promote the exceptional business activity that is taking place within the Liverpool city region, and the Abbey Logistics deal, and the growth that has followed, is a fantastic example of this.”
Those attending the PL annual members lunch also heard a speech from the Commander of the HMS Prince of Wales aircraft carrier, which will make Liverpool its base port.