BGF’s £7.5m investment takes overall figures to £2bn landmark
A fast growing Merseyside manufacturing has received an initial investment of £7.5m from BGF, to support its expansion.
This deal marks BGF’s commitment of a total of £2bn into UK and Irish SMEs, including £280m for companies based in the North West.
Headquartered in Speke in Merseyside, Joloda International designs and manufactures loading technology systems that improve or automate the process of loading and unloading cargo into vehicles.
The business, which employs 140 people, has a strong heritage of innovation and has invested heavily to develop its product suite in response to an increasingly sophisticated global customer base.
Following a BIMBO (buy-in management buyout) transaction in 2017 led by chief executive Michele Dematteis, sales director Wouter Satjin and operations director Alec McAndrew, Joloda has doubled revenues to more than £18m and integrated two acquisitions in the UK and Germany.
The business is forecasting further growth internationally to customers that will use Joloda’s systems in their warehouse operations to save time, improve vehicle space utilisation, avoid bottlenecks and reduce their impact on the environment.
In addition to its headquarters, Joloda has a manufacturing plant in Anglesey in North Wales.
The company has two further bases in North Carolina and the Netherlands, and a global network of distributors.
Eighty per cent of Joloda’s client base is outside of the UK and spans food production, ecommerce, logistics, and manufacturing.
BGF’s backing will be used to unlock further growth in international markets through continued innovation of new products and complementary acquisitions to accelerate expansion.
Michele Dematteis said: “Joloda is experiencing exceptional growth as we have innovated new technologies into our loading systems and taken them to key international markets.
“We believe there is still huge untapped potential around the globe as customers are becoming aware of the significant efficiencies our products can offer to their operations.”
He added: “Working with a long-term investor that understands and supports our vision for the business will allow us to confidently accelerate these plans and we’re delighted to have found that in BGF.”
As part of group’s future growth strategy Joloda has appointed non-executive chair Mike Molesworth following an introduction by BGF’s talent network.
Mike is also non-executive chair at BGF portfolio business, EBS Aftermarket Group and the former chief executive of Dennis Eagle, a global supplier of refuse collection trucks.
Neil Inskip, BGF investor and head of its North West and North Wales offices, said: “Taking a business with such a strong heritage and using technology to transform its offering for a global market is the very essence of great British entrepreneurship.
“Michele and the team have a proven track record, ambitious growth plans and we’re delighted to be partnering with them for this exciting next stage of their journey.
“Joloda is our fourth investment into Merseyside and we believe in the potential of the region to build more businesses of scale through investing more in the companies based there.”
BGF’s North West office has invested more than £280m of initial and follow-on investments across 30 businesses in the region since 2011.
The investment was led for BGF by Harry Jones and Spencer Woods.
The advisors to the transaction were: BGF – Hill Dickinson (legal). Joloda – Napthens (legal), Langtons (corporate finance).
Last month BGF was announced as the winner in the Private Equity Team of the Year category of TheBusinessDesk.com Rainmaker Awards 2019, held at Manchester’s Hilton Hotel.