LDC has provided £37.5million of acquisition and development capital to accelerate the international growth of ByBox, the UK’s leading field service engineer logistics and supply chain technology solutions provider, in a transaction that values the business at £105million.
Headquartered in Harwell, Oxfordshire, ByBox provides technology-enabled locker-based solutions to help more than 250 blue chip clients, including BT, Fujitsu, Npower, Marks & Spencer, Walmart and Vodafone to manage their engineering parts inventory and solve difficult supply chain problems.
In addition, ByBox’s B2C Click&Collect network of electronic lockers in 27 countries help retailers manage increasing consumer demand and high expectations around the delivery of online shopping.
LDC has invested £37.5million for a significant stake in the business, and a banking syndicate led by RBS provided £55million senior debt facilities plus additional CapEx and working capital facilities to support the transaction.
LDC is backing ByBox’s entrepreneurial leadership team; CEO Stuart Miller, who co-founded the business in Silicon Valley in 2000, co-founder COO Steve Huxter, co-founder Dan Turner MD Click&Collect and CFO Pete Rowse.
Stuart Miller, CEO of ByBox commented:
"This was the first time that any of the management team had been through a private equity process, so we had a seemingly endless list of stupid questions for Liberty. They never laughed once and were incredibly diligent, professional and helpful throughout the entire process. I have no doubt that we will be working with Liberty again in future. There are many, many firms out there who claim to be experts in this area - Liberty is one of the very few who actually are true experts and worth every penny."
Simon Hill, Partner at Liberty Corporate Finance added:
“It has been a pleasure working with the team at ByBox; the passion and energy of the individuals was clear from the moment we got involved. LDC shared that passion for the business which was demonstrated in their approach to the management and the process. We look forward to supporting the management as they continue delivering on their growth strategy and enjoy even greater success in the future.”