Livingstone’s Business Services sector team has advised TPA Capital on its acquisition of a controlling stake in Pallet-Track, a leading provider of services to the palletised freight sector. Pallet-Track comprises almost 90 haulier members who leverage the network to provide nationwide coverage to their customers.
Established by Nigel Parkes, Managing Director, in 2002, the business now processes c.3.5 million pallets a year through its main central hub in Wolverhampton and its two regional hubs in Wigan and Welwyn Garden City.
Pallet-Track was recently named as the fastest growing business in BDO’s ‘The Black Country Growth Barometer’ report as well as one of the UK’s fastest growing companies in the Sunday Times Fast Track 100 for the second year running. These accolades further highlight the consistent, and impressive growth, achieved by the business and its members to date.
TPA’s investment comes at a time when demand for flexible palletised logistics solutions continues to grow, with pallet networks becoming increasingly integral in ensuring regional hauliers have the infrastructure to service their customers across the UK. Pallet-Track’s highly efficient sortation hubs, together with its market leading proprietary technology platform, enables its haulier members to deliver their customers a dependable and high-quality service offering.
Nigel Parkes, MD of Pallet-Track, said: “There are exciting times ahead. From the very beginning it was clear the culture of TPA was a differentiator with regards to their approach to partnership and collaboration, which had identical synergies with Pallet-Track’s values. Their shared ethos of member shareholder participation, combined with a long-term strategic vision and, uniquely, a straightforward funding structure unencumbered by third-party financing arrangements, will enable this new partnership to realise its ambitions for long-term sustainable growth.”
Ravi Aujla, Investment Director at TPA, said: “We’re incredibly excited to be in a position to support Pallet-Track on the next stage of its journey. Under Nigel’s astute stewardship the business has grown into one of the leading pallet networks in the UK, which is a testament to the quality of the Pallet-Track team and its members. We were attracted to the culture of collaboration and the focus on premium service that Pallet-Track has fostered within the network. We look forward to partnering with the Pallet-Track team and its members to help realise their long-term ambitions.”
Ravi went on to comment: “Livingstone’s knowledge of the logistics sector, and experience in advising private equity, meant they were able to provide valuable insight and help us progress the transaction to a successful conclusion. We’d like to thank Patrick, Barry and Nick for their efforts and support.”
Patrick Groarke, Partner at Livingstone concluded: “We are delighted to have advised TPA on their partnership with Pallet-Track, one of the leading pallet networks in the UK. With TPA’s support, Pallet-Track now has a fantastic opportunity to realise its long-term objectives.”