Fri, 05 Aug 2016 | MBO/MBI
ByBox, the Oxfordshire business behind a network of unmanned, technology-enabled lockers in 900 locations across Britain, has been purchased in a £105 million management buyout (MBO) arrangement.
The service ByBox provides is managed in a central hub in Coventry, and another nine distribution centres. Over 250 blue-chip clients use the service, including BT, Npower, Walmart and Vodafone, to manage their engineering parts and to deal with tricky supply chain issues.
Private equity outfit LDC has plugged £37.5 million into the deal in return for a stake, while a banking syndicate headed up by RBS has provided a further £55m.
Moving forward ByBox plans to continue its growth in the UK, and in certain areas including smart metering, the new investment will also help in its plans to speed up its global technology deployment, and progress its Click&Collect service.
The leadership team at the company is made up of chief executive Stuart Miller, chief operating officer Steve Huxter, chief financial officer Pete Rowse and Dan Turner, the managing director of Click&Collect.
Mr Miller commented: "Our business is rewiring the supply chain to help the companies that maintain the UK's infrastructure better meet the increasingly high expectations of consumers through innovative solutions. Our ambition is to take this concept truly global through a combination of software, technology and infrastructure.
"We knew we needed the right investment partner to support our long-term growth plans. It was clear from the outset that LDC's experienced team, straightforward approach and flexible investment model meant they were the perfect partner for us, and I’m excited that we're now really well placed to expand, innovate and invest in the future of our business."
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