Published: Oct 30, 2023
Focus: Private Equity
Maven Investor Partners, alongside Panoramic Growth Equity and Emerald Capital Management, have backed the management buyout of Glasgow-based distribution and logistics specialist Bullet Express.
Founded in 1990, Bullet provides global freight management, distribution and storage capability to a diverse customer base across multiple sectors including FMCG, Retail, Healthcare, Industrial and Aerospace.
The company is led by John McKail, who has been Managing Director since 2020 and has spent his entire career in the logistics sector and boasts an experienced senior management team. Over the past three years, the business has grown to 155 employees, expanded from one to four sites, and has increased revenues by 38%.
In recent years the business has invested heavily in enhancing its storage and sorting capabilities, as well as driving efficiencies. This has allowed Bullet to take on larger scale contracts and offer more services. Operating from several strategic locations, the business provides 560,000ft2 of facilities which offer easy access to key motorways, seaports and airports enabling time sensitive transport for its clients across the UK.
The funding will support management’s impressive organic growth to date as well as enabling the business to pursue a buy and build strategy. The UK logistics market is estimated to be worth £204 billion and is very fragmented providing opportunity for consolidation and access to other key geographical networks.
“The buyout of Bullet represents an attractive opportunity for Maven Investor Partners to invest in an established, growing, and cash generative business with the potential of a buy and build strategy. Maven is delighted to be supporting the MBO of such a well-regarded business that services major clients across multiple sectors, and we believe it is well placed to build on the strong foundations that have been established over the past 30 years.”
Ewan MacKinnon, Partner at Maven
“This is a significant milestone for our business. During my three years tenure as Managing Director, Bullet has achieved so much, our founders David McCutcheon and Gary Smith can be extremely proud of the very fine organisation they have built, employing some of the best people within our sector. With support from my full team, I am excited to lead the next phase of our journey as we embark on a ‘buy and build’ strategy with our investment partners.”
John McKail, newly appointed CEO at Bullet Express