TPA Capital has completed the acquisition of a controlling stake in Pallet-Track, a leading provider of services to the palletised freight industry
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 along with being identified as one of the UK’s fastest-growing companies in the Sunday Times Virgin Atlantic Fast Track 100 listing and as one of the London Stock Exchange’s ‘1000 Companies to Inspire Europe.’
It also became one of only six companies nationally recognised for the latter for two consecutive years, further demonstrating the consistent and impressive growth achieved by the business and its members since inception.
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 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 dependable and high-quality service to their customers.
Nigel Parkes, MD of Pallet-Track, said:
“There are exciting times ahead. From the very beginning, it was clear the TPA partnership demonstrated a difference in their culture and nuances which had identical synergies with Pallet-Track.
“Their shared ethos of member shareholders participation combined with a long-term strategic vision, along with uniquely not being constrained by typical investor or financing organisations, will enable this new partnership to realise ambitious plans and long-term sustainable growth.”
TPA Partner, Greg Allen, said
“We’re incredibly excited to be in a position to support Pallet-Track with the next stage of its growth story. Under Nigel’s 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 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.”
Greg Allen and Ravi Aujla led the investment for TPA, advised by Livingstone Partners, Pinsent Masons and BDO. The vendors were advised by Clearwater Corporate Finance, George Green, PwC and CIL