A West Midlands entrepreneur has taken back control of the international logistics firm he founded in 2012.
Peter Ackrill, a 20 per cent shareholder in Logik Logistics International Ltd based at Birmingham International Park, Solihull, has acquired the 80 per cent shareholding held by Chapman Freeborn International Ltd for an undisclosed sum.
The deal was negotiated by Greg Philp, corporate finance director at Leamington Spa accountants HB&O and legal advice was provided by the corporate team at Thursfields Solicitors, led by corporate director Tim Edwards supported by Reece De-Vaney.
From agreeing heads of terms, the deal moved quickly and was completed within a month.
Tim Edwards, corporate director at Thursfields Solicitors, said: “I have acted for Peter Ackrill for many years, and we are delighted to have assisted him with the buyout. I am confident that Peter will continue to grow and develop the business and look forward to supporting him along the way.”
Greg Philp of HB&O said: “It was fantastic being able to support Peter with the purchase of Logik. I know the business means a great deal to him, personally, which has made the experience all the more rewarding.
Logik Logistics International currently has 17 employees but Mr Ackrill envisages this growing over the coming years.
The business provides freight forwarding for time-critical deliveries to the automotive and other manufacturing sectors.
Duncan McDonald from Taylor Wessing LLP acted for Chapman Freeborn International Ltd.