Abbey Logistics snapped up by Belgian group in NorthEdge exit
Logistics group, Abbey Logistics, has been sold to a family-run Belgian company, for an undisclosed sum.
The deal has been concluded by NorthEdge Capital, which funded a management buyout in 2016 by Steve Granite.
New owner, Sitra Group, established in 1962, is a family-owned business with a 2022 turnover of €165m, employing more than 1,150 people across 11 countries, including the UK.
It operates 700 owned trucks and more tan 2,000 trailers/containers including liquid and powder food tankers.
Wirral-based Abbey is a specialist logistics provider, focusing mainly on the food industry, with a turnover of £75m, employing around 600 people and operating 325 trucks and 550 trailers.
The exit was led out of the Manchester office by Jon Pickering, partner and CIO, and Dan Matkin, director, alongside the Abbey management team. The deal represents the seventh exit from NorthEdge Fund II, following a strong partnership with management.
During the investment period NorthEdge supported the business to build out the senior leadership team, with the appointment of MD, CFO and sales director, complete three strategic acquisitions, increasing geographical coverage and expanding the fleet, invest in its people and professionalise the operations.
As a result, the business has grown revenues and market share, alongside maintaining market leading margins and outstanding customer service levels.
Jon Pickering, partner and chief investment officer at NorthEdge, said: “We are proud to see Abbey joining forces with Sitra, another market leading business with a strong commercial and cultural fit.
“Throughout our partnership management have worked tirelessly to build a high quality leadership team, retain and grow a blue chip customer base, continuously improve operational efficiencies and develop a market leading approach to talent attraction and retention to support scale.
“Abbey is now well positioned for future growth as part of Sitra, continuing to deliver world class service to its customers, and we wish the whole team the best of luck in their next chapter.”
Steve Granite joined Abbey Logistics as a 15-year-old apprentice in 1995 and held various positions including finance director, before being named successor to majority shareholder Stephen Lucy, in 2009 as managing director.
In October 2022, he stepped down as CEO to take up a new position as executive chairman. He said: “Since our MBO we have successfully transformed Abbey from a £45m turnover family business to a £75m market leader and refocused the business on its core strengths as a specialist tanker operator in the UK.
“We are proud of how the business has grown, not just in revenue but in market share and maturity, to become the UK’s leading food tanker operator. With the unwavering support of NorthEdge and a great working relationship between the board and the investors, the business is now in great shape, and I am delighted to see it end up in the ownership of another family-owned business in Sitra Group who will undoubtedly develop the business and its people even further.”
NorthEdge’s exit of Abbey builds on the momentum of the past 12 months, following the exit of Future Industrial Services, the partial exit and reinvestment into Cloud Technology Solutions and the investment into Cezanne, alongside a number of portfolio bolt-on acquisitions to accelerate growth.
NorthEdge was advised by KPMG (Corporate Finance – Christian Mayo, Mark Booth, Gary Chiang) and DWF (Legals – Jonathan Robinson, Katy Philips, Eleanor Chatterton).
