EV Cargo completes £150m debt financing with Investec Growth & Leveraged Finance
30 Jul 2019
EV Cargo has grown its revenues to £870m and its operations now span more than 120 countries.
- Debt financing provides significant investment capital for growth
- Follows continued growth for EV Cargo – revenues now £870m
- Milestone in strategic relationship between Investec and EmergeVest
EV Cargo, the largest privately-owned logistics business in the UK, has completed a £150m 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 £870m 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, said:
“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.
For more information, please contact:Luke O’Mahony, Investec (Public Relations) - 020 7597 5261
Fatima Ismat, Lansons (PR agency for Investec CIB) - 020 7566 9709
Investec Corporate and Investment Banking
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