Logistics company founder buys back business
A West Midlands entrepreneur has taken back control of the international logistics firm he founded in 2012.
Peter Ackrill, a 20% shareholder in Logik Logistics International based at Birmingham International Park, Solihull, has acquired the 80% shareholding held by Chapman Freeborn International for an undisclosed sum.
The deal was negotiated by Greg Philp, corporate finance director at HB&O in Warwickshire and legal advice was provided by the corporate team at Thursfields Solicitors, led by corporate director Tim Edwards supported by Reece De-Vaney.
Ackrill said: “Thanks to the commercial sense and keen understanding of the business by Greg Philp at HB&O and Tim Edwards at Thursfields, we were able to progress this transaction quickly, and to the satisfaction of all parties.”
Tim Edwards, corporate director at Thursfields Solicitors, said: “I have acted for Peter Ackrill for many years, and we are delighted to have assisted him with the buyout. All parties worked extremely hard to get the deal done in a short timeframe.
“I am confident that Peter Ackrill will continue to grow and develop the business going forward and look forward to supporting him along the way.”
Greg Philp of HB&O said: “It was fantastic being able to support Peter with the purchase of Logik. I know the business means a great deal to him, personally, which has made the experience all the more rewarding.
“It is testament to the strength of the company, and Peter’s hard work and determination, that we were able to complete the deal in difficult circumstances.”
Logik Logistics International currently has 17 employees and the business provides freight forwarding for time-critical deliveries to the automotive and other manufacturing sectors.
Duncan McDonald from Taylor Wessing acted for Chapman Freeborn International.