LDC delivers on £17m Panther Buyout

LDC has backed the £17million management buyout of Panther Logistics, the UK’s largest independent 2-man next day home delivery provider.

Panther, which is headquartered in Northampton, specialises in two-man and one-man assisted delivery services for major brands and retailers, including Dunelm, Silent Night and Bosch Siemens Group.

It provides customers with next day deliveries and UK-wide coverage via a network of eight strategically located regional hubs* and employs 300 people, expanding to over 800 with additional temporary staff during peak periods. Its fleet comprises 300 fully-liveried vehicles, whilst its proprietary IT platform offers market-leading track and trace capabilities to its end customers.
Panther has more than doubled sales in the last two years to almost £30m, thanks to the continued growth of online shopping and its reputation for customer focus and service excellence. It was recently ranked amongst the UK’s fastest growing 100 firms**.

The buyout was led by the business’ Managing Director Colin McCarthy, alongside seven other members of the management team. As part of the deal, LDC has acquired a significant minority shareholding in the firm, enabling its founder, Wilson Barrett, to retire.  

The firm has also appointed Greg Ball as a Non-Executive Chairman. Ball’s retail career includes senior positions with Littlewoods and Home Retail Group, where he was a main board director with responsibility for its home delivery operations.

The transaction was led by LDC Investment Directors Rob Schofield and Victoria Marcer, who both join the board, and was supported by senior debt facilities from Santander’s Structured Finance team in the Midlands.

Following the investment, Panther plans to continue to invest in its operations and develop new service innovations to support its customers.

Colin McCarthy, Managing Director of Panther, said: “This is an exciting point in the business’ journey for our employees and customers alike. Bringing on board an experienced investment partner like LDC provides a springboard for further growth and investment. We were impressed by the team’s understanding of our business, LDC’s track record in the sector and their commitment to helping us achieve our long-term ambitions.”

He added: “With the growth of online shopping forecast to continue, the quality of delivery has become a key differentiator for many retailers and a key deciding factor for consumers. We now have the ideal opportunity to consolidate our position in the market through continued investment and innovation.”

Rob Schofield, investment director at LDC, said: “Panther is a great example of the type of business we’re keen to support. It has successfully positioned itself at the forefront of the fast-growing specialist delivery sector, capitalising on consumer trends that have seen delivery service come to the fore. The firm has a highly experienced management team led by Colin McCarthy, and we look forward to working with them to support their ambitions for further growth and development.”

LDC was advised on the deal by Gowling WLG UK LLP, BDO Birmingham, PwC and CIL. Panther was advised by Livingstone Partners LLP and Howes Percival LLP.

*Locations are: Bristol, Taunton, Ossett, Rugby, Watford, Northampton, Leeds and Peterlee

**Sunday Times Virgin Fast Track 100 (2015). 

Notes to Editors

  1. LDC is the private equity arm of Lloyds Banking Group and is authorised and regulated by the Financial Conduct Authority.  
  2. LDC backs ambitious management teams from UK-based medium sized companies seeking up to £100m of investment to fund management buyouts or development capital transactions.
  3. LDC invests in a broad range of sectors and has particular experience in Healthcare, Industrials, Retail & Consumer, TMT, Travel & Leisure, Support Services, Construction & Property and Financial Services.
  4. LDC has a UK regional network with locations in Aberdeen, Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Newcastle, London, Manchester, Nottingham and Reading.