International freight logistics and express courier specialist, ITD Global, has announced a £15 million investment from the UK’s most active growth capital investor, BGF.
ITD Global is a tech-enabled logistics consolidator, which brokers parcel and freight solutions for eCommerce clients. In the last 12 months, the Heywood-headquartered business has facilitated the delivery of more than 11 million parcels to addresses in the UK and overseas.
The significant investment from BGF will help the multi-award-winning business to deliver its ambitious growth plans through the expansion of its UK depot network, beyond Manchester, London and Birmingham, as well as further developing its cutting-edge technology platform. The investment will also support the growth of its fulfilment and returns propositions, allowing ITD to provide a holistic service offering to its eCommerce clients, while also strengthening the carrier relationships it has built over its 18-year history.
Outside the UK, the company currently operates offices in the Netherlands, China and Hong Kong. An additional UK site in Glasgow is due to launch in early 2023, with further depots to be rolled out over the next two years. Featured in the Sunday Times Fast Track 100, the company generated more than £60 million revenue in the last financial year (21/22).
Commenting on the deal, Jonathan Mocton, CEO at ITD Global, said: “The eCommerce sector has experienced considerable growth in the last two years, building on what was already a highly robust base. With our technology enabled propositions allied to our extensive industry connections, warehousing, eCommerce, consolidation and freight expertise, we have been able to continue our strong growth journey and capitalise on the significant market opportunity that exists.
“To achieve our wider strategic aims, we were keen to find a minority investment partner that recognised the vast potential of ITD, but also that has a patient and long-term outlook, combined with a strong track record of helping businesses scale, both domestically and overseas. In BGF we have found that partner and we’re delighted to be welcoming them into the business.”
The deal was led by Harry Jones and Josh Bean, investors in BGF’s Manchester team, and Simon Rogers, ITD Global’s CFO. As part of the deal, John Browett, former CEO of Tesco.com and Chairman at Internet Fusion Group, will join the Board of Directors as Independent Non-Executive Chair. In addition, ex-CEO of iForce, Brian Gaunt, will continue in his role as Non-Executive Director.
BGF’s Harry Jones, who will join the ITD Global Board as Non-Executive Director, said:“ITD Global has really established itself as a major player in the UK logistics sector – championing tech-enabled solutions to not only drive growth within the business, but also for its customers through leading parcel consolidation techniques, as well as offering tailored freight solutions that have helped navigate the global supply chain issues over recent years. We are delighted to announce our investment into ITD Global and look forward to working with the team to develop its geographic footprint and service offering.”
Advisors to BGF on the transaction were Hill Dickinson (legal), Hurst (tax) and Waypoint Partners (financial DD). Advisors to ITD Global and Management were BBS Law (legal) and Forbes Dawson (tax).
