Stephen Turner, the MD of Currie European Transport, has led a successful MBO at the Dumfries-headquartered firm.
Turner, now the majority shareholder, has been with the business most of his working life and leading it as MD since 2010.
Currie European rebranded as Currie Solutions in 2017 to better reflect the diversity of the services it offers from “transport, warehousing, stock holding, stock management, order picking and packing, returns management and cross docking services throughout the UK and Europe”.
Its registered name remains Currie European Transport, and its ultimate holding company Currie International Holdings. The Holdings company has been acquired as part of the deal.
The MBO has seen Turner acquire 80% of the business and Robert Stewart from Generis Advisory, which advised on the deal, and Jim Rafferty take 10% each. It represents an exit for owner Tom Barrie.
The Pall-Ex member has depots in France and the Netherlands (the subsidiaries from part of the deal), and O-licences collectively authorising more than 240 vehicles and 950 trailers in the UK. It was placed at 61 in the latest Motor Transport Top 100.
Turner said: “I am delighted, as someone who’s lived in Dumfriesshire man and boy, it’s been a huge part of my life working with Curries, and to finally be in the position to acquire the company is a real privilege.
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“My vision is simply to ensure that we become the business of choice for our customers and staff to work with and in doing so we enable the growth of business in Scotland, the rest of the UK and Europe”.
He added that the MBO was prompted by the business working through its plan for the years ahead.
“Tom Barrie (owner) and I, felt it was the right time for him and the right time myself to make this change, more importantly, we both believed it was important for the business.”
He added: “Like many, our results have not been easy on the eye in recent years. Most transport businesses have had challenges through increasing fixed costs and variable costs, without the margin increase in revenue to offset.
"Importantly though, we are not sitting around to wait on the next set of results, we have a strategy that is centred around the consolidation and collaboration that needs to take place in the market – and we will drive forward with that strategy.”
Turner said that in the short-term the business saw an opportunity to expand its footprint in Scotland.
Murray Jack of Addleshaw Goddard also advised on the deal.
