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3i leads £50m IBO from ICL

ICL has sold the logistics division of its services arm.

3i led the institutional buy-out of LOGiCOM and will take a majority stake in the business, which offers an end-to-end supply-chain service covering forward and reverse logistics flows on a pan-European basis.

Barclays Acquisition Finance provided debt facilities. 3i and LOGiCOM were advised by KPMG Corporate Finance.

The deal is the third 3i-backed buy-out from ICL in the last four years. 3i has also signed recent deals with a number of other logistics-related companies such as the £29m management buy-out of Isotrak, a provider of advanced technology logistics management systems for fleet operators and, most recently, the £200m buy-out of Target, a leading UK parcel express company.

LOGiCOM will use its independent status and the extra capital provided by the IBO to build the first pan-European third party logistics business supplying the IT services/hardware sector with a full service offering.