Livingbridge bought into Carousel in 2013. The company had since carried out two acquisitions and one merger which led to a 5x increase in revenue through the expansion of its international market and service offering.
Founded in 1986, Carousel Logistics provides aftermarket logistics services to original equipment manufacturers focusing in agriculture and construction, electronics and technology, industrials and materials handling, and med-tech and pharmaceuticals.
Axcel will combine the company with Danish-headquartered logistics firm DANX A/S to serve the Nordic regions and the Baltics.
Matthew Jacobs at Livingbridge said, “It has been a pleasure working with Founders Graham and Michael Martin, Chair Franz-Joseph Miller, CEO Jonathan Simpson-Dent and Carousel’s high-calibre, ambitious leadership team over the past eight years.
“During our time with the firm, Carousel Logistics has continued to expand its footprint and consolidate its reputation within the industry, picking up industry awards and establishing itself as a valued European logistics business with its clients. We wish the team every success in their next endeavour.”
The exit is Livingbridge’s second deal of the year after acquiring UK-based security services company Quorum Cyber last week.
The UK buyout house raised £1.2bn for Livingbridge 7 in May, just £50m shy of its hard cap.
The fund is almost twice the size of the firm’s sixth flagship investment fund, which it closed on £660m in 2016.
It hit a £334m final close for its latest small-cap fund in 2019, a hefty increase compared to its predecessor fund.
Axcel has hit an €800m hard cap final close for its sixth flagship fundraise in August.
It hit a €617m hard cap close for its fifth flaghip fund in 2017, but has seen Axcel VI come in more than 30% above that thanks to strong support from existing LP backers.
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