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Investec growth & acquisition finance supports NFT’S acquisition

Investec growth & acquisition finance supports NFT’S acquisition

The combined business, backed by sponsor EmergeVest, creates one of the UK’s leading chilled and ambient logistics providers.

Investec Growth & Acquisition Finance has supported NFT Group’s £20 million + acquisition of owner-managed logistics company NR Evans with a debt package of £13 million.  

Founded by Neil Evans, NR Evans is a leading UK temperature controlled distribution business, delivering over £1 billion of chilled and ambient product annually via its well invested fleet of 180 trucks and 300 trailers. The business will maintain its South Wales base, whilst integrating into NFT’s national network.
 
The acquisition the NFT Group significantly strengthens its market leading position in the provision of time critical logistics services to the UK grocery market. It employs over 3,000 staff and generates over £200m of annual revenues.

Investec’s debt package blends an £8m evergreen receivables revolver alongside £5 million of long term cashflow lending. The debt structure caters for the acquisition, working capital, and seasonal trading profile, while also allowing headroom for growth.
Paul Rablen, Investec Growth & Acquisition Finance, said the deal underlines the team’s long-term partnership approach with clients and its growing support of the logistics, distribution and food & drink sectors.

He said: “Since the original NFT transaction in 2014 we have helped fund a new state of the art 230,000 sq ft chilled warehouse dockside at the Port of Tilbury and we are delighted to support this important acquisition for NFT and EmergeVest. Our funding structure now totals £55 million. Long term partnerships and follow on funding for buy and builds are part of our DNA.  Logistics, distribution and food & drink companies have unique financing needs that suit our flexible lending approach and we look forward to more opportunities to support the sector.”

David Frankish, CEO, NFT said: “We are extremely proud to welcome NR Evans into the NFT Group and believe that the combination will not only create a considerable increase in scale, reach, and infrastructure, but is also complimentary to the emergence of NFT as a business with an increased international focus on grocery supply chains. Investec is a much valued partner in NFT’s successful growth story to date. Their understanding of the logistics and grocery sectors in general and NFT’s specific requirements in particular has facilitated the development of an innovative and flexible debt funding package tailored to our needs. I look forward to our relationship developing further to make the most of the undoubted market opportunities that lie ahead.”

Heath Zarin, Managing Director, EmergeVest, said: “Since EmergeVest’s acquisition of the NFT Group, we have invested to support its long-term strategic growth. The acquisition of NR Evans is the latest example. Investec has supported us and NFT from the very beginning, financing our initial purchase, supporting business growth and providing significant additional capital as part of this acquisition, all via tailored, integrated financing structures. With EmergeVest and Investec behind it, NFT is a well-financed, internationally orientated logistics services provider, focussed on providing an ever-expanding suite of leading edge services.”

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