Gresham House Ventures has sold its stake in Carousel Logistics (Carousel), a leading pan-European logistics specialist, on behalf of the Baronsmead VCTs1.
The Baronsmead VCTs first invested £4.25m into Carousel in 2013, driven by the company’s unique positioning in a large and expanding addressable market.
Since then, we have supported Carousel’s expansion within the UK and across Europe, helping the group build out its sales and marketing capabilities, make senior hires and improve its IT infrastructure.
Founded in 1986 by former CEO Graham Martin and Michael Martin, Carousel has developed into a prominent pan-European logistics specialist.
The company provides customised aftermarket solutions to more than 200 blue-chip businesses in high-performance industries. Its focus sectors include agriculture and construction, electronics and technology, industrials and materials handling, and medical technology and pharmaceuticals.
Now 213 employees strong, the company is headquartered in the UK, with offices spanning Ireland, Germany, Spain and the Netherlands.
The sale of the Baronsmead stake to Danish private equity firm Axcel will enable Carousel to merge with DANX A/S, a Danish-headquartered logistics firm servicing the Nordic region and the Baltics.
Bevan Duncan, Managing Director, Strategic Equity at Gresham House, says:
“The Baronsmead VCTs’ investment in Carousel Logistics has been highly successful. In just under a decade, the business has delivered strong growth and established itself as a true leader in the European logistics sector thanks in part to our support and expertise. We are confident Carousel Logistics will continue on its stellar growth trajectory, and we wish the team success over the coming years.”
Jonathan Simpson-Dent, CEO of Carousel Logistics, adds:
“We are delighted with the growth we have achieved during our partnership with the Baronsmead VCTs. Gresham House’s support has enabled us to enhance our offering and scale the businesses internationally. We look forward to embarking on a new chapter with Axcel and DANX A/S to further cement our position as a leader in the pan-European logistics space.”
1. Subject to clearance by various European competition authorities.
About Carousel
Carousel is a pan-European service logistics specialist, which uses its own technology to deliver total aftermarket solutions to organisations in high-performance industries. Carousel facilitates agile, end-to-end solutions, that guarantee the smooth flow of parts and products for situations where there is a high consequence of failure.
Carousel’s product portfolio boasts an extensive range of value-added aftermarket services including: first and final-mile delivery options; field engineer and dealer services; reliable air and road bridges and returns management solutions. Its key Service Centres are located across the UK, Germany, Spain and The Netherlands, and the company boasts an impressive client base featuring leading OEMS and blue-chip organisations from a range of service-focused industries including Agriculture, Med-Tech, High-Tech, Scientific and Automotive.
