Private equity company TPA Capital has taken a controlling stake in Wolverhampton-based Pallet-Track.

In a statement released today (11 March), TPA Capital said it was delighted to strike the deal with the pallet network, which has 90 haulier members.

Set up by MD Nigel Parkes in 2002, with commercial director Carl Jones, Pallet-Track has regional hubs in Wigan and Welwyn Garden City and claims to process around 3.5 million pallets a year.

Directors Parkes and Jones held 52% and 24% of Pallet-Track holding company Palman ahead of the deal. They will remain in place to lead the business and retain a "significant shareholding” in the network.

Parkes said: “There are exciting times ahead. From the very beginning it was clear the TPA partnership demonstrated a difference in their culture and nuances which had identical synergies with Pallet-Track.

“Their shared ethos of member shareholders participation combined with a long-term strategic vision along with uniquely not being constrained by typical investor or financing organisations will enable this new partnership to realise ambitious plans and long-term sustainable growth.”

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TPA Partner, Greg Allen, said “We’re incredibly excited to be in a position to support Pallet-Track with the next stage of its growth story.

“Under Nigel’s stewardship the business has grown into one of the leading pallet networks in the UK, which is a testament to the quality of the Pallet-Track team and its members.”

Allen added that the firm had been attracted to the collaborative culture of the network.

“We look forward to partnering with the Pallet-Track team and its members to help realise their long-term ambitions,” Allen added.

The value of the deal, which completed at the start of this month, was not disclosed.

Image shows London-based Pallet-Track member ELB Partners in front of the network's central hub.