CASE STUDY & PORTFOLIO

ByBox: Successful supply chain solutions

Private equity partnership with founder sees enterprise value double through international expansion.

Sector
  • Support services
  • Technology, Media, Telecoms

ByBox is the UK’s leading technology-led logistics and locker provider.

Deal type
  • Development capital
Investment

£37.5m

Deal value

£105m

Exit type
  • Private equity sale
Exit date

September 2018

Exit value

£221m

Current
  • Reinvested
Re-investment date

September 2018

The Team
LDC Region

ByBox provides supply chain solutions to more than 250 blue chip clients, including Siemens, Vodafone and Hewlett Packard Enterprise, helping to move critical parts to and from field engineers using market-leading technology and a network of more than 1,000 locker locations.

Backing business development

In 2016, we provided £37.5m of development capital to accelerate the international growth of ByBox, in a transaction that valued the business at £105m.

The deal allowed the management team, led by Founder Stuart Miller, to invest in new product development with the launch of Konnect™, an innovative global solution that simplifies the last mile of the field service supply chain. The technology pairs Bluetooth lockers with app-enabled software, dramatically improving security and efficiency, whilst eliminating unnecessary transport costs.

LDC are insightful and supportive investors who have worked closely with the ByBox team to formulate and execute a successful strategy.”
Stuart Miller, Co-Founder
ByBox

In 2018, ByBox increased its global presence, launching a new office in Burlington Massachusetts, as well as two satellite offices in Atlanta and Denver to help it meet global customer demand. The business also relocated its UK headquarters from Didcot to nearby technology-hub Oxford Science Park to accommodate its growing headcount of 450.

Continuing support

Following LDC’s original investment the business grew significantly and doubled in value.

In 2018, LDC exited its investment in ByBox, in a £221m sale to Francisco Partners, completing a minority re-investment to continue support for the business.

When seeking an investment partner, turbocharging our international expansion was top a priority. With the strategic support of LDC, we have been able to identify and execute a significant opportunity overseas which will see us operate as a truly international firm, whilst simultaneously growing our UK presence.”
Stuart Miller, Co-Founder
ByBox

Awards

Large Deal of the Year

ByBox – Thames Valley Dealmaker

Deal of the Year (£10m+)

ByBox – Insider South East Dealmaker