A management team at Panther Logistics, the two-person home delivery provider, has organised a buyout of the business.
Wilson Barrett, who founded the business, is retiring and the buyout has been led by managing director Colin McCarthy alongside seven other members of the management team. The management team was advised by Livingstone Business Services.
The £17m deal has been funded by LDC, part of Lloyds Banking Group. LDC has acquired a significant minority shareholding in the firm, enabling its founder, Wilson Barrett, to retire.
Northampton-based Panther specialises in two-person home delivery services notable for furniture, white goods, bedroom and bathroom products. It operates a fleet of 300 vehicles from eight sites, and has built its turnover to almost £30m serving customers such as Dunelm, Silent Night and Bosch Siemens.
McCarthy said: “This is an exciting point in the business’s journey for our employees and customers alike. Bringing on board an experienced investment partner like LDC provides a springboard for further growth and investment.”
The firm has also appointed Greg Ball as a non-executive chairman. Ball’s career includes senior positions with Littlewoods and Home Retail Group, where he was a main board director with responsibility for its home delivery operations.
Barry Sheehan, associate director at Livingstone London, said: “We are delighted to have helped Colin, Wilson and the wider management team to deliver this landmark transaction. With LDC’s support, Panther now has a fantastic platform from which to realise its ambition of future growth.”