Carousel, a pan-European critical service logistics specialist, has announced that it will merge with DANX to create a logistics specialist with strong positions in the UK, Ireland, Germany, Iberia, Nordics and the Baltics, and revenues of around €190m (US$215m). Axcel, a leading private equity firm based in the Nordic region, is acquiring both businesses with an ambition to grow the combined company significantly across Europe.
Carousel has grown rapidly in aftermarket and spare parts logistics through customized solutions and specialist networks designed for performance and life-critical industries. DANX makes a great fit with a similar history and mission-critical philosophy, according to Carousel.
“I am very proud of what Carousel has achieved over the last 35 years, building a truly client-first business designed to exceed the expectations and needs of our valued clients. We have created a great team, platform and growth track record with huge future potential,” said Graham Martin, founder of Carousel.
Jonathan Simpson-Dent, CEO of Carousel, commented, “It has been a privilege to partner with Graham, the Carousel Board and the investment team at Livingbridge to lay the foundation for this exceptional opportunity. In partnership with Axcel and DANX, we are combining a great investor with two proven teams, strongly positioned in our respective regions and sectors, to create a premier pan-European critical service logistics network.”
DANX shares the same excitement for the next stage of the growth journey. Klaus Rud Sejling, CEO of DANX, said, “Together with Carousel we are well positioned to outgrow the market on a European scale. It will enable us to accelerate investments in technology and we will jointly be able to strengthen our service offering by entering new markets and having a greater geographical reach.”
At completion, Simpson-Dent will be appointed chair and Sejling will take on the position of CEO of the merged group. The transaction is subject to the customary regulatory approvals and is expected to close in Q1 2022.