King & Spalding is representing private equity firm DouglasBay Capital (DBAY) in relation to the £280.8 million purchase of a majority holding in leading UK transport and infrastructure brand Eddie Stobart Logistics.
A management team backed by DBAY has agreed to buy a majority stake in Eddie Stobart Logistics from parent Stobart Group. Under the terms of the deal, Stobart Group proposes to realise 51% of Eddie Stobart Logistics. The transaction values Eddie Stobart Logistics at approximately £280.8 million comprising, £195.6 million in cash, £44.1 million in shares (giving the Stobart Group 49% of the purchasing company with 51% owned by funds managed by DBAY) and approximately £41.1 million in debt and debt-like items assumed by the purchaser.
Eddie Stobart Logistics is the holding company for the Stobart Group’s Transport and Distribution Division (excluding the biomass transport operations). It employs around 5,000 people and operates some 2,300 vehicles, 3,200 trailers and over five million square feet of warehousing from more than 50 sites across the UK and Europe.
The London-based team advising DBAY on this transaction is led by corporate partner William Charnley and includes fellow partners Kevin Conway (tax) and Pulina Whitaker (employment) as well as counsel Marcus Young, senior associates Ilan Kotkis, Elizabeth Lyon and Leo Wilson and associate Susanna Marshall.
