Bishop Fleming advises on management buy out of logistics software supplier

Fargo Systems Limited has been acquired by its management team with advice from leading accounting and advisory firm Bishop Fleming, and funding from Santander Growth Capital.

Logistics software supplier, Fargo, develops innovative products to assist with planning and operations in the shipping and road-transport sectors. Established in 2002 by Kevin Terrill, Hemant Patel and Andrew Miller, the business has grown to become the UK market-leader in logistics software serving over 100 customers across the sector. Kevin and Hemant will remain in the business as Non-Executive Directors to support the future development. 

Bishop Fleming acted as lead corporate finance advisers on the transaction, supporting the founders in developing their exit strategy, structuring a transaction, and raising finance from Santander.

James Finnegan, Head of Corporate Finance at Bishop Fleming, said “It has been a pleasure to advise on a transaction like this where the founders gain the reward for their hard work over the years and the wider management team now have the opportunity to benefit as shareholders in the future.”

Funding for the transaction was provided by Santander Growth Capital. The Santander team consisted of Peter Abel, Martin Pitcher and Jamie Foster. The founder shareholders were advised by Bishop Fleming (James Finnegan, Andy Hawkes, Brad Anderson, Isobel Savage) and Clarke Willmott (Kirill Bingham, Bethan Evans, Tom Potts).  The management team was advised by Michelmores (Henry Taylor, Francesca Hubbard). Santander were advised by Isca Ventures (Due Diligence) and Foot Anstey (Legals).

Jamie Foster, Growth Capital, Santander, said “We are pleased to be able to support the business and Management team of Fargo Systems Limited, providing a funding package which enables the team to develop their growth plans and ambitions.  Fargo is an established operator with an embedded customer base in a sector demonstrating strong growth dynamics, and we look forward to working with the team going forwards.”