Michelmores’ Banking, Restructuring & Insolvency team has advised the directors of haulage business Eddie Stobart PLC (and its subsidiaries), on an investment deal with existing shareholder Douglas Bay Capital (DBay).
DBay, an Isle of Man-based asset management firm and previous owner of the company, together with William Stobart, son of founder Eddie Stobart, will take over control and management of Greenwhitestar Acquistions Limited, which until immediately prior to completion was a wholly-owned subsidiary of the Company and in turn held the Company’s interests in the trading entities in the Group.
Shareholders voted overwhelmingly in favour of the deal, which will see DBay inject approximately £55m of new financing into Greenwhitestar, by way of a new PIK facility.
King & Spalding and Linklaters acted for Eddie Stobart PLC. Shearman & Sterling acted for DBay.
Eddie Stobart is the UK’s best-known logistics business, operating across the whole supply chain and handling all aspects of logistics from beginning to end. The company was founded by Eddie Stobart in 1970 and will celebrate its 50th anniversary in 2020.