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Panther Warehousing has completed a management buyout (MBO), backed by private equity firm Lloyds Development Capital (LDC).

The £17m buyout was lead by MD Colin McCarthy and will see the company’s founder and chairman Wilson Barrett retire.

Barrett founded the company in 1989, and kept it going when it entered into a CVA in 2008.

“He had £470,000 to pay, and over the next three or four years he paid off every penny of it, because that’s the mark of the man,” McCarthy told Motortransport.co.uk last year.

“Wilson has remortgaged his house three times over 36 years to keep this company going – I don’t think he gets enough credit for that.”

Former Home Retail Group board director Greg Ball has been appointed as Panther’s non-executive chairman following the deal.

LDC has bought a “significant minority shareholding” in the company as part of the MBO. Its investment comes just two months after it bought an undisclosed stake in parcel delivery firm CitySprint.

McCarthy said Panther had been “impressed by the [LDC’s] understanding of our business, LDC’s track record in the sector and their commitment to helping us achieve our long-term ambitions”.

“This is an exciting point in the business’ journey for our employees and customers alike. Bringing on board an experienced investment partner like LDC provides a springboard for further growth and investment,” he said.

In its most recent results, for the year ended 31 December 2014, Panther recorded turnover of £27m and pre-tax profit of £1.2m.

As part of the deal, which was supported by senior debt facilities from Santander’s Structured Finance team in the Midlands, LDC directors Rob Schofield and Victoria Marcer have joined the Panther board.

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