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Logistics group completes second takeover in 16 months

Dumfries-based logistics group Currie European Transport has completed its second takeover in 16 months after acquiring Kent firm Laser Transport International Ltd.

The deal, which increases Currie Group’s turnover by almost one third, follows the takeover of Dundee-based PS Ridgeway in February 2019.

The latest acquisition was funded with the help of a £9 million refinancing deal with Bibby Financial Services (BFS), including a £1.5 million confidential invoice discounting (CID) deal. The transaction price has not been disclosed.

Laser Transport International’s £18 million annual revenue takes total turnover to £75 million for Currie, a transport and storage solutions group trading as Currie Solutions and six other companies in Scotland, England, the Netherlands and France.

Currie Group managing director Stephen Turner led a management buyout of Currie Group in February 2019 to pursue a UK and European growth strategy which will be supported by increased working capital from BFS.

He said: “We needed to move quickly to seize an opportunity, and right from the start our BFS team, led by Ronnie Stokes and Dan Burton, understood that.

“BFS managed to conclude a deal in just eight weeks, even though it involved seven companies and four countries. We are excited about the acquisition of Laser Transport, and the facility we have in place will allow us to continue to grow”.

BFS was introduced to the business by Robert Stewart of Generis Corporate Finance LLP.

Ronnie Stokes, corporate manager, Bibby Financial Services, said: “Arranging a deal in eight weeks, across seven companies and four countries was never going to be easy but speed of delivery is vital for UK businesses looking to grow once again.”

Published in Insider -