EV Cargo, the largest privately-owned logistics business in the UK, has completed a £150 million ($183 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 £870 million ($1.059 billion) and its operations now span more than 120 countries.
The financing represents a further important milestone in the strategic relationship between EmergeVest, the private equity investor behind EV Cargo, and Investec.
“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,” said Heath Zarin, CEO of EV Cargo and founder of EmergeVest.
EV Cargo was represented by Ashurst. Investec was represented by Irwin Mitchell.