We are delighted to announce that Carousel 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 c. €190m. 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 customised solutions and specialist networks designed for performance and life-critical industries. DANX makes a great fit with a similar history and mission-critical philosophy. Our joint vision is to bring together two businesses with unique strengths, regional leadership and sector expertise to accelerate growth, investment in service and expansion across Europe.
“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”, says Graham Martin, founder of Carousel.
“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”, says Jonathan Simpson-Dent, CEO of Carousel.
DANX shares the same excitement for the next stage of the growth journey. Klaus Rud Sejling, CEO of DANX, states: “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 a greater geographical reach.”
At completion, Jonathan Simpson-Dent will be appointed Chair and Klaus Rud 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.