Private equity firm takes controlling stake in £84.6m turnover logistics firm

TPA Capital has acquired a controlling stake in Pallet-Track, an £84.6m turnover haulage network headquartered in the West Midlands.

Pallet-Track comprises almost 90 haulier members who leverage the network to provide nationwide coverage to their customers.

Established by Nigel Parkes, managing director, in 2002, the business now processes around 3.5 million pallets a year through its main central hub in Wolverhampton and its two regional hubs in Wigan and Welwyn Garden City.

Parkes said: “There are exciting times ahead. From the very beginning it was clear the TPA partnership demonstrated a difference in their culture and nuances which had identical synergies with Pallet-Track. Their shared ethos of member shareholders participation combined with a long-term strategic vision along with uniquely not being constrained by typical investor or financing organisations will enable this new partnership to realise ambitious plans and long-term sustainable growth”

TPA partner Greg Allen said:“We’re incredibly excited to be in a position to support Pallet-Track with the next stage of its growth story. Under Nigel’s stewardship the business has grown into one of the leading pallet networks in the UK, which is a testament to the quality of the Pallet-Track team and its members.

“We were attracted to the culture of collaboration that Pallet-Track have fostered within the network. We look forward to partnering with the Pallet-Track team and its members to help realise their long-term ambitions.”
Allen and Ravi Aujla led the investment for TPA, advised by Livingstone Partners, Pinsent Masons and BDO.

The vendors were advised by Clearwater Corporate Finance, George Green, PwC and CIL.

Pallet-Track was recently named as the fastest growing business in BDO’s ‘The Black Country Growth Barometer’ report along with officially being identified as one of the UK’s fastest growing companies in the Sunday Times Virgin Atlantic Fast Track 100 listing and as one of the London Stock Exchange’s ‘1000 Companies to Inspire Europe’.

 

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