ByBox, a Harwell, Oxfordshire, UK-based field service engineer logistics and supply chain technology solutions provider, received £37.5m in acquisition and development capital from LDC.
The transaction valued the business at £105m. To support it, a banking syndicate led by RBS provided £55m senior debt and additional CapEx and working capital facilities. In conjunction with the investment, Yann Souillard, LDC Managing Director for the South, and Alastair Weinel, LDC Investment Director, will both join the board alongside Martin Hiscox as Chairman.
Led by CEO Stuart Miller, COO Steve Huxter, Dan Turner (MD Click&Collect) and CFO Pete Rowse, ByBox provides technology-enabled locker-based solutions to more than 250 blue chip clients, including BT, Fujitsu, Npower, Marks & Spencer, Walmart and Vodafone to manage their engineering parts inventory and solve difficult supply chain problems.
The company’s proprietary software, Thinventory, connects ByBox’s network of smart boxes in nearly 900 locations with its hub in Coventry and nine distribution centres across the UK, providing visibility to clients. Added-value services include a team of technical couriers that can provide a low-cost flexible resource model to fix equipment in the field.
In addition, ByBox operates the B2C Click&Collect network of electronic lockers in 27 countries.
The company, which has an existing annual turnover of around £73m, will use the funds to accelerate organic growth in the UK, especially in areas such as smart metering, global technology deployment, expand its technical courier proposition and continue to develop its Click&Collect service.