ANC set fair with new deal
ANC Group’s six-strong management group has taken a majority shareholding and secured a new long-term equity investor. The result of the funding deal is that: RBS and Halifax BoS have exited the company; the management have added 50% of the company to their earlier shareholding and now own 73.75%; and Lloyds TSB Development Capital owns 26.25%, with a commitment to retain its stake for seven years. In total, the package of senior debt (provided by HSBC), working capital and equity totals (pounds sterling)37.3m; the breakdown is not disclosed and there is no indication of the valuation of the company. Chief executive Mark Gittins says the new funding allows the firm to continue with long-term investment; short-termism is dangerous in the parcels sector, he says.
ANC claims to be the sector’s fastest-growing independent and last year increased annual capacity by a further 35m parcels. It is handling “up to 200,000 parcels a day”.
