HMT, led by partners Ian Barton and Paul Read, and senior managers Julia Carruthers and Ravi Majithia provided buy-side advisory and due diligence services to Whistl UK on its acquisition of e-fulfilment company, Prism DM.
Headquartered in Marlow, Whistl is the leading delivery management company with activities in business mail, doordropmedia and parcels. It is a market leader in downstream access mail (DSA) services, handling over 50% of bulk business mail in the UK and its mail expertise and infrastructure supports its continued growth in the parcel delivery and the e-commerce market.
Whistl’s investment forms part of a strategy to further growth in the e-fulfilment market. Prism DM, with facilities in Farnborough and Rushden, is the premier UK solutions provider for outsourced fulfilment services. It has numerous high-profile clients including Long Tall Sally, Oliver Sweeney, Brand Alley, Warner Brothers Studios, Le Chameau, National Trust, Sport Pursuit, and Emma’s Diary. Over the past year Prism DM has experienced profitable growth and with the support of Whistl this is anticipated to accelerate.
Following the deal, Lieneke Happel, IT and strategy director at Whistl, will become the new managing director of Prism DM, working with Prism DM’s Rashpal Gill and his team. The founder director of Prism DM, Mike Thom, will remain with the business on a part-time basis for the next two years to help with strategic development.
This is the second time HMT has worked with Whistl, having advised on the MBO which was voted Deal of the Year at the Thames Valley Deal Awards in 2016.
Nick Wells, CEO Whistl UK, commented: “The move into e-fulfilment is a natural progression for the company and extends our offering in the supply chain. The 180 Prism staff will continue to provide excellent service, expertise and know-how to the business and with our size and scale we hope to maximise its potential in the future.
“Thanks to Ian and the team at HMT, we agreed on a deal that worked for all parties”
Ian Barton commented: “We are delighted to have worked with the management team at Whistl once again and helped them to deliver the deal that will extend their offering into the e-fulfilment market. This transaction is testament to the quality of HMT’s integrated corporate finance offering as we provided Whistl with full buy side support services, supporting their negotiations and deal management as well
as through financial and tax due diligence. We congratulate Lieneke, Nick and the team at Whistl and look forward to continue to support them in their growth plans.”