MBO at £14m turnover delivery specialist
City Air Express has undergone a management buy-out led by director Jamie Knapper, backed by Allied Irish Bank (GB) in Manchester through a combination of term debt and invoice finance.
The company which has its head office at Trafford Park, Manchester and has other offices in Dublin, Belfast, London, New York and Amsterdam employs 80 staff and has a turnover of £14m.
Established in 1975, it describes itself as a customer-driven group companies, providing time sensitive document and parcel delivery services, domestic or international air express, freight forwarding and associated services, boasting the latest computerised tracking, communications systems and technology.
Knapper is an existing shareholder in the business and has bought out founding director Adrian O’Connell who has exited the company for an undisclosed sum.
He said: “I have worked for City Air Express for more than16 years and to take ownership of the business is a milestone for me.
“I am very happy with the completion of the deal. We have a well-established business with a UK and international presence.
“I have received financial backing from Allied Irish Bank (GB) on the completion of the deal. It was important to work with a bank that has taken the time to understand our business and the team at Allied Irish Bank (GB) have been very good and supportive throughout the process.”
Mike Rogers and Tracy Dumbarton, relationship managers at Allied Irish Bank (GB) have been working with Knapper throughout the buy-out process.
Dumbarton said: “We are delighted to support Jamie with the completion of the MBO and welcome City Air Express as a new customer to the bank.
“City Air Express is a great business and we are looking forward to working with Jamie and his team to expand their commercial footprint even further.”
Manchester commercial law firm Kuits acted for Allied Irish Bank (GB), with Jan Winstanley, Helen Mather and Ryan Brown advising on the funding aspects of the deal.
Weightmans acted for City Air Express and was represented by Catherine Hendy
