Palletways goes to Phoenix Equity Partners
3i has sold its interest in Palletways to Phoenix Equity Partners for an undisclosed sum as part of a secondary buyout transaction. 3i, which bought the business in April 2002 for GBP12m, says its investment in Palletways has brought it a 72% return.
Phoenix Equity Partners has bought in James Wilson, the ex- European senior vice president of TNT Express Worldwide, to be the new CEO of Palletways. Palletways was set up in 1994 and claims 30% of the UK market in overnight distribution of small consignments of palletised freight. Under 3i’s ownership the business has grown both nationally and undertaken development of its European business.
