Logistics firm Downton, which counts clients such as AB InBev, Dyson, and Fever Tree on its books, has sold today for £75m.
Private equity firm EmergeVest, which was founded in 2013 by former HSBC investors Heath Zarin and Roger Moh, grabbed the business to add to its portfolio of cargo-related businesses.
EmergeVest currently owns pallet distributor Palletforce, supply chain software company Adjuno, frieght business Allport Cargo Services and chilled food and drinks transporter NFT Distribution.
“The Downton family, along with a fabulous team of people, have built a first-class operation and one that we are extremely proud of," said Downton's managing director Andy Downton.
"The sale of the business has not been taken lightly, however we have always understood the importance of growth and a proper succession plan. This business is now ready for fresh energy, vigour and focus."
EmergeVest is aiming to build a UK-wide network spanning freight forwarding, pallet supply and temperature-controlled goods transport.
The Downton family, who previously owned the business, will stay in their senior management positions. Last year, Gloucestershire-headquartered Downton generated revenue of around £120m.