LDC exits SPS following long-term partnership
7 Apr 2022
Having enjoyed great support from LDC over recent years, our new investment from Pricoa, which includes them taking a significant minority stake in SPS, positions us perfectly to deliver our ambitious plans for growth both in the UK and internationally. They have demonstrated proactivity and ambition, and an alignment with our objectives, which makes them the ideal choice as our new funding partner.”
Dan Smith, Partner and Head of Yorkshire at LDC, commented:
“Over the past decade, SPS has evolved from a provider of temporary labour to the UK logistics sector into a truly international recruitment group. We wish them the best of luck on the next stage of their journey.”
Ed Barker, Senior Vice President, Pricoa Private Capital, commented:
“We have been impressed by the quality of the SPS businesses, their leading market positions, the strength of their management team, and indeed of the wider franchisee network. We are delighted to help them achieve their immediate goals and look forward to contributing to the continued success of the group and to helping them reach their ambitious future aspirations.”
The shareholders of SPS were advised by Clearwater International and Squire Patton Boggs. Squire Patton Boggs also advised the management team of SPS, with corporate finance advice provided by Sentio Partners. Pricoa were advised by Akin Gump Strauss Hauer & Feld LLP with due diligence provided by KPMG, CIL and Global Counsel.