ByBox secures £37.5m investment from Lloyds

B2B and B2C parcel locker company ByBox has received £37.5 million of acquisition and development capital to support its MBO and international growth strategy from Lloyds Development Capital, the private equity arm of Lloyds Banking Group.

The investment from Lloyds values ByBox at £105 million.

ByBox is a company that provides technology enabled locker based solutions that its cients can used to ensure that mission critical parts can be despatched to reach their field engineers. This is done with the company’s software, Thinventory that connects ByBox’s network of smart boxes in nearly 900 locations across the UK. Bybox is based in Coventry and it has nine distribution centres across the UK.

ByBox has also a network of B2C click and collect electronic lockers that are in 27 countries around the world.

The ByBox leadership team includes: CEO Stuart Miller, who co-founded the business in Silicon Valley in 2000; co-founder COO Steve Huxter; co-founder Dan Turner MD Click&Collect and CFO Pete Rowse.

LDC has invested £37.5million 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.

Yann Souillard, LDC Managing Director for the South, and Alastair Weinel, LDC Investment Director, will both join the board alongside Martin Hiscox as Chairman.

ByBox has an existing annual turnover of around £73m.

The investment will support ByBox’s continued organic growth in the UK, especially in areas such as smart metering. It will also help ByBox significantly accelerate its global technology deployment, expand its technical courier proposition and continue to develop its Click&Collect service.

ByBox’s Miller commented: “Our business is rewiring the supply chain to help the companies that maintain the UK’s infrastructure better meet the increasingly high expectations of consumers through innovative solutions. Our ambition is to take this concept truly global through a combination of software, technology and infrastructure.”