4 Oct 2018

PCS2 and PCS3 acted as sole senior secured lenders to provide additional capital to Kinaxia

Permira Debt Managers (“PDM”), one of Europe’s leading specialist debt investors, announced that on 4 October 2018, Permira Credit Solutions II (“PCS2”) & Permira Credit Solutions III (“PCS3”) acted as sole senior secured lenders to provide additional capital to Kinaxia, a buy-and-build platform in UK logistics, to support the acquisition of AKW Group. This investment is aligned with PDM’s strategy to support ambitious, high-growth businesses which are market leaders in their niche.

The Group has made nine acquisitions to date, significantly enhancing its geographical scope and capabilities to fulfil national contracts. PDM first partnered with Kinaxia in March 2015 and since PCS2’s investment, Kinaxia has consolidated the platform to realise synergies across acquired businesses, including the appointment of a central management team and the opening of a central hub and warehousing facility in the Midlands in July 2018.

The additional capital provided by the PCS funds will be used to finance the acquisition of AKW Group, a Manchester-based haulage business with a specialist focus on contract packaging. The acquisition is expected to build out Kinaxia’s pan-national coverage and services in the North of the UK. Pro-forma for the acquisition, Kinaxia will have c.700 vehicles, making the Group a leading participant in palletised distribution.