Hertford-based Matthews Haulage Limited has been acquired by the privately owned buy-and-build investor Banyantech Ltd, providing an exit for its founders.

The deal saw Banyantech buy 100 per cent of the equity in the Hertford-based logistics business.

Matthews Haulage specialises in deliveries of palletised freight throughout the UK and Republic of Ireland. It also offers a European service via a partner network.

It was founded in 1975 and has been based in Hertford since 1977.

The company is a shareholder member of the Pall-Ex (UK) Ltd pallet network. In 2020 it won the Pall-Ex Group’s Highest KPI Performer Award in its category for the fifth year running and in 2021 was named Pall-Ex Regional Member of the Year.

Matthews Haulage employs 23 people and operates a fleet of 16 lorries.

The company operates a cooperative model which is unique in its sector. This has been designed to help retain talent within the business and encourage an entrepreneurial attitude among employees.

Following the acquisition, Dhaval Shah, founder of Banyantech, has joined the board of directors at the firm. He joins operations director Trevor Brown and commercial director, Matthew Moore, both of whom have stayed on following the transaction.

Banyantech was founded by Mr Shah as a low-mid market buy-and-build investment company in 2020, with the aim of buying, strengthening and growing UK haulage companies. Its model is to buy 100 per cent of share capital, with cash at completion and no earn-out.

Prior to establishing Banyantech Mr Shah enjoyed a successful corporate career as a senior consulting manager at Accenture. In 2015 he founded x-Strat Limited, a management technology consulting company that provides services to Fortune 500 companies.

Banyantech was advised on the acquisition by the dealmaking boutique Ali Professional Services Group (Ali PSG). Akbar Ali, co-founder and chief executive of Ali PSG, was lead adviser and provided corporate legal advice on the transaction.

Mr Shah said, “Matthews Haulage has one of the strongest reputations in the logistics sector, and I look forward to building on its founders’ success over the years ahead. The industry as a whole is facing a number of well-publicised supply-side challenges at the moment but there will always be demand for logistics, and our business model means we are well-placed to continue growing in the long term.

“I would like to thank Akbar and the team at Ali PSG for the contribution they made to the successful completion of the transaction. Akbar was very responsive and empathetic throughout.”

Mr Ali said, “It was a pleasure to work with Dhaval on this deal. Banyantech has a really attractive model for vendors, making initial offers within a week and closing within 45 days.

“I look forward to seeing Matthews Haulage go from strength to strength as it enters this new chapter in its history, and to watching Banyantech establish itself as a force within the UK logistics market.”