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Robert.Jervis_43227 Jan 07

MBO completed at Expect Distribution

“Expect is a real success story, built on entrepreneurship, innovation and quality”
A management buyout has been completed at a 300-strong West Yorkshire logistics business, with the deal supported by prominent advisers.
Expect Distribution was established by the Rushworth family, who have successfully run and grown it for more than 30 years under the stewardship of Robert and Neil Rushworth.
The company provides a range of logistics packages, from palletised and international distribution to contract logistics and warehousing, for clients including Boost Drinks, Astonish and Card Factory.
It is based in Bradford with more than 300 employees and 130 vehicles across four sites.
Azets provided corporate finance advice to Matthew Kilner and Andy Taylor, the incoming management team, including deal structuring and raising the debt finance to fund the deal. Rob Burton, corporate finance partner at Azets in Yorkshire, led the deal and was supported by Richard Weston, corporate finance manager.
The MBO team was also advised by Clarion. The team at Clarion included Jonathan Simms, Sarah Harrison and Santino Stifanelli (Corporate), together with Phil Dine and Carly Brown (Banking).
A full debt funding package was provided by Nick Salmons and Matthew Fannon at Shawbrook Bank.
Oliver Hoffman at Mazars and Stephen Newman at Ramsdens provided corporate finance and legal advice to the vendors. Gunner Cooke was the legal adviser to Shawbrook and Martin Barron at BTG Advisory undertook financial due diligence.
Matthew Kilner, Finance Director, and Andy Taylor, Operations Director at Expect Distribution, said:

"Expect is a business that is close to our hearts, and we are excited to take responsibility for its future growth. We are really proud of what we have achieved so far and thrilled to be leading the next stage of Expect's journey.

"We have taken the reins at an exciting time for the business and for the wider Logistics industry. We relish the opportunities ahead of us and look forward to realising those with the colleagues, customers and suppliers who allow the business to be a market leader. Our thanks to all parties who supported the MBO and worked with us to make it become a reality."
Rob Burton, corporate finance partner at Azets in Yorkshire, added:

"This deal demonstrates the vibrant business environment in Yorkshire: Expect is a real success story, built on entrepreneurship, innovation and quality, and the new management team is in a fantastic position to take it from strength to strength.
"This is a great deal and demonstrates the strength of the Yorkshire deals market, and we look forward with confidence to 2022."