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MBO for Scotland’s Bullet Express

[ October 19, 2023   //   ]

Scottish logistics firm Bullet Express has been acquired in a private equity backed management buyout (MBO) led by the company’s managing director, John McKail.

The MBO is backed by equity partners, Panoramic Growth Equity and Maven Capital Partners. Maven’s partner, London-based Emerald Capital, will support ongoing developments.

Founders, cousins David McCutcheon and Gary Smith, will step down from the board and assume advisory roles to support the new team with business transition. Both will retain some shareholding in the business.

John McKail will become group chief executive and shareholder, supported by existing directors, Bridget Mackay, William Herron and Martin Craghill.

The investors will play no part in the day-to-day running of Bullet Express which will be managed by John McKail and his wider team on a business as usual basis.

John McKail, said: “This is a significant milestone for our business. Bullet has achieved so much and our founders, David McCutcheon and Gary Smith, can be extremely proud of the fantastic organisation they have built, employing many of the best people in our sector.

“With the support of my full team, I am excited to lead the next phase of our journey as we embark on a ‘build and grow’ strategy with our investment partners. This is a fantastic opportunity for Bullet Express employees, customers and suppliers alike, to be part of the one of the most exciting developments in our sector, now and into the future.”

In a joint statement, Bullet Express founders, David McCutcheon and Gary Smith, said: “This has been our life’s work. To witness the growth and evolution of Bullet has been the most fulfilling experience. From one vehicle back in 1990, to the leading market brand we are today, employing 160 people is quite remarkable. We remain invested and now hand over the baton to John and his team, supremely confident that Bullet is in safe hands for the next chapter of its growth story.”

Panoramic partner Malcolm Kpedekpo,  said: “The business is poised to continue its growth both organically and through acquisitions.”

A fifth of Bullet Express profits now come from global freight management and the business collects and delivers over 2,000 pallets daily.

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