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Livingbridge announces sale of Carousel Logistics

  • Related sector Services
  • Investment status Realised
  • Related company Carousel Logistics
Livingbridge, one of the UK’s leading mid-market private equity investors, has agreed the sale¹ of Carousel Logistics to Danish private equity firm Axcel.

The transaction will facilitate the combination of Carousel Logistics and DANX A/S, a Danish-headquartered logistics firm servicing the Nordic region and the Baltics.

Founded in 1986 by former CEO Graham Martin and Michael Martin, Carousel Logistics has grown into a leading pan-European logistics specialist delivering aftermarket solutions to organisations in performance and life-critical industries. It is headquartered in the UK, with offices across the Netherlands, Germany and Spain, and has 213 employees.

The firm uses its proprietary technology platform Gateway® to provide aftermarket logistics services to a portfolio of over 200 blue-chip Original Equipment Manufacturers (OEMs) clients. Key sectors include Agriculture & Construction; Electronics & Technology; Industrials & Materials Handling; and Med-Tech & Pharma, where bespoke logistics solutions are required to avoid a high cost of failure and enable service-led strategies.

Livingbridge first invested in Carousel Logistics in 2013, having identified it as a uniquely positioned business in a large and growing addressable market. It has maintained a strategy for continued organic growth through existing client penetration, new client development in current and adjacent sectors, geographic market expansion and value-added service progression.

Since its investment, Livingbridge has supported Carousel Logistics in the continued innovation of Gateway® and in strengthening its M&A programme, successfully acquiring AYS Logistics in 2016, guiding the firm’s merger with LSi Logistik in 2017, and acquiring BDA Logistics Innovation (BDA) in 2019. These acquisitions and significant organic growth have expanded the firm’s international footprint and service offering, leading to a 500% increase in revenue.

Matthew Jacobs at Livingbridge, said:

“It has been a pleasure working with Founders Graham and Michael Martin, Chair Franz-Joseph Miller, CEO Jonathan Simpson-Dent and Carousel’s high-calibre, ambitious leadership team over the past eight years. During our time with the firm, Carousel Logistics has continued to expand its footprint and consolidate its reputation within the industry, picking up industry awards and establishing itself as a valued European logistics business with its clients. We wish the team every success in their next endeavour.”

Jonathan Simpson-Dent, CEO of Carousel Logistics, said: “We are thrilled with what we have achieved together with Livingbridge during our partnership. Livingbridge has played an integral role in providing expertise and guidance that has enabled us to optimise our offering and scale the business internationally through organic development and acquisitions. We are now in a strong position to embark on a new chapter with Axcel and DANX A/S and to further establish ourselves as the premier pan-European logistics player.”

The principal advisors on this exit for Livingbridge included Houlihan Lokey (corporate finance), Eversheds Sutherland (legal), PwC (financial and tax due diligence) and FTI Consulting (commercial due diligence).