EV Cargo, a privately-owned logistics business in the UK, has completed a GBP150 million 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 GBP870m 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, says: “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.
