Harwell: Spectrum advises LDC on acquisition of ByBox

Spectrum Corporate Finance has successfully advised LDC (Lloyds Development Capital) on a debt raise of £65 million to part-fund the acquisition of Harwell-based ByBox in conjunction with RBS and management.

ByBox, provides technology-enabled locker-based solutions to help more than 250 blue-chip clients, including BT, Fujitsu, Npower, Marks & Spencer, Walmart and Vodafone, manage their engineering-parts inventory and solve difficult supply-chain problems.

Each year, Bybox ensures that 20 million mission-critical parts reach the field engineers who maintain the UK’s technology, telecoms and energy infrastructure.  The company’s proprietary software, Thinventory, connects ByBox’s network of smart boxes in nearly 900 locations with its hub in Coventry and nine distribution centres across the UK.

LDC has invested £37.5m for a significant stake in the business, and a banking syndicate led by RBS provided £55m senior debt facilities plus additional CapEx and working-capital facilities to support the transaction and the future growth of the business both in the UK and in international markets.

LDC is backing ByBox’s entrepreneurial leadership team made up of Stuart Miller, CEO and co-founder of the business in Silicon Valley in 2000; Steve Huxter, co-founder and COO; Dan Turner, co-founder and MD Click&Collect; and Pete Rowse, CFO.

Miller said: “We knew we needed the right investment partner to support our long-term growth plans. It was clear from the outset that LDC’s experienced team, straightforward approach and flexible investment model meant they were the perfect partner for us, and I’m excited that we’re now really well placed to expand, innovate and invest in the future of our business.”

Alexander Clark, investment director at LDC in the south, said: “ByBox is exactly the kind of forward-thinking, ambitious business we want to back and we’re looking forward to working with Stuart and the team."

LDC were also advised by Shoosmiths, BDO and Hullbrook.