Haul of fame: Matthews sold to specialist haulage investor
Hertford-based Matthews Haulage Limited has been acquired by the privately owned buy-and-build investor Banyantech Ltd – providing an exit for its founders. No figures have been disclosed for the deal.
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 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, Shah enjoyed a successful corporate career as a senior consulting manager at Accenture.
In 2015 he founded x-Strat Limited, a management technology consultancy that provides services to Fortune 500 companies.