Buying a business

Bybox

Adviser to LDC, on their investment into ByBox, a technology-enabled locker solutions company.

The deal

Our Corporate Finance team successfully advised LDC (Lloyds Development Capital) on a debt raising of £65 million to part-fund the acquisition of ByBox in conjunction with RBS and management.

Headquartered in Harwell, Oxfordshire, ByBox provides technology-enabled locker-based solutions to help 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.

Each year, Bybox ensures that 20 million mission-critical parts reach the field engineers that maintain the UK’s technology, telecoms and energy infrastructure. 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.

LDC has invested £37.5 million for a significant stake in the business, and a banking syndicate led by RBS provided £55 million senior debt facilities plus additional CapEx and working capital facilities to support the transaction and the future growth of the business both in the UK and in international markets. LDC is backing ByBox’s entrepreneurial leadership team; CEO Stuart Miller, who co-founded the business in Silicon Valley in 2000, co-founder COO Steve Huxter, co-founder Dan Turner MD Click&Collect and CFO Pete Rowse. LDC were also advised by Shoosmiths, BDO and Hullbrook.

“With a tight timetable and a Brexit backcloth, Ian and Simon did a great job in shepherding the banking syndicate through the process, allowing us to focus on the commercial aspects of the transaction. This was a competitive process and the team’s hands-on support helped us to win the deal and deliver the right banking package.” Alastair Weinel, Investment Director at LDC in the South.

“We knew we needed the right investment partner to support our long-term growth plans. It was clear from the outset that LDC’s experienced team, straightforward approach and flexible investment model meant they were the perfect partner for us, and I’m excited that we’re now really well placed to expand, innovate and invest in the future of our business.” Stuart Miller, CEO at ByBox.

Deal summary

Sector:

Technology, Media and Telecoms (TMT)

Deal type:

Debt Advisory

Deal size:

£105 million

With a tight timetable and a Brexit backcloth, Ian and Simon did a great job in shepherding the banking syndicate through the process, allowing us to focus on the commercial aspects of the transaction. Alastair Weinel Investment Director at LDC in the South

Related team

Ian Milne

Ian Milne

  • Partner
  • Debt Advisory
  • London West End, Reading

Simon Sherliker

Simon Sherliker

  • Partner
  • Debt Advisory
  • London West End, Reading

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