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Tuesday 30 July, 2019

EV Cargo

EV Cargo completes £150m debt financing

RNS Number : 1017H
EV Cargo
30 July 2019
 

30 July 2019

 

EV Cargo completes £150m debt financing with Investec Growth & Leveraged Finance

 

·     Debt financing provides significant investment capital for growth

·     Follows continued growth for EV Cargo - revenues now £870m

·     Milestone in strategic relationship between Investec and EmergeVest

 

EV Cargo, the largest privately-owned logistics business in the UK, has completed a £150m debt financing with Investec.

 

The financing involved all operating businesses within the EV Cargo group - Adjuno, Allport Cargo Services, CM Downton, Jigsaw, NFT and Palletforce - and includes cash flow loans, fixed asset loans and receivables based working capital revolvers. It leaves EV Cargo well-placed for the next phase of growth, providing flexibility for future acquisitions and investment.

 

EV Cargo has grown its revenues to £870m and its operations now span more than 120 countries. In all, it boasts operations totalling 9 million sq ft of warehousing space and 20,000 delivery vehicles; a team of 5,000 UK based logistics professionals including 2,200 truck drivers; 175 UK operating centres and 18 overseas operations; and international logistics operations managing 200,000 containers of sea freight annually and 6 million kg air freight monthly.

 

The financing represents a further important milestone in the strategic relationship between EmergeVest, the private equity investor behind EV Cargo, and Investec.

 

Heath Zarin, CEO of EV Cargo and Founder of EmergeVest, said: "As EV Cargo continues to grow, we are pleased to see such a vote of confidence in our business. This provides us with significant investment capital and we look forward to further growth. Indeed, we are actively reviewing strategic M&A opportunities and expect to complete another acquisition in the near term. We are also increasing our investment in technology across EV Cargo, with an emphasis on data-driven predictive analytics." 

 

Paul Rablen of Investec said: "We are delighted to build further on our long-standing relationship with EmergeVest. We've been a supporter of their strategy since 2014, and it is great to see the EV Cargo businesses integrate and scale up as a supply chain and logistics powerhouse in the UK, Europe and Asia."

 

EV Cargo was represented by Ashurst. Investec was represented by Irwin Mitchell.

 

Ends

 

 

Media Contact

For further information please contact:

 

 

Financial and national

Citigate Dewe Rogerson: [email protected] or +44 7808 641870

 

 

Notes to editors

 

EV Cargo Overview

 

        A core asset-based UK logistics network totalling 3 million sq ft of warehousing space and 1,300 trucks.

        A team of 5,000 UK based logistics professionals including 2,200 truck drivers.

        53 UK operating centres and 18 overseas operations.

        An asset-light and technology-enabled global pallet delivery network comprising over 100 members.

        A multi-temperature 4PL freight-management service in the UK underpinned by 200 partner carriers.

        International supply chain management service powered by industry leading systems.

        International logistics operations managing c 300,000 TEU of sea-freight and c 60 million tonnes of airfreight.

        Multi-temperature storage and handling capability including hanging garments.

        Pallet, case and item level order fulfilment capability for B2B and B2C channels.

 

 

The Companies Involved

 

Adjuno provides cutting-edge B2B cloud software solutions and supply chain management software that unites trading communities in the retail and consumer product industries.

 

Allport Cargo Services is one of the UK's largest freight forwarders with a global network and deep expertise in retail supply chain.

 

CM Downton is one of the UK's leading providers of ambient contract logistics services on behalf of many large-scale manufacturers across a range of industry sectors.

 

Jigsaw is one of the UK's market leaders in 4PL managed transport solutions through a network of partner hauliers.

 

NFT is the UK's leading provider of temperature-controlled logistics services for fresh foods on behalf of manufacturers and retailers.

 

Palletforce is the UK's leading palletised distribution network consisting of a 100-strong membership of independent hauliers, based at the SuperHub in Burton upon Trent.

 

EmergeVest is a Hong Kong-based international private equity investor with expertise in investing in international supply chain businesses. It has more than $450 million in committed capital and its financial and legal expertise, combined with hands-on knowledge of the logistics sector, has helped its portfolio businesses grow to the next level as part of a worldwide network of operations.

 


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