Sector News

Boxington completes the sale of TRG to Challenge Group

May 2, 2019

Human Capital M&A advisor Boxington has advised the Shareholders on the sale of TRG Logistics Limited (“TRG”) to Challenge Recruitment Group Limited (“Challenge Group”).

The sale of TRG to Challenge Group – a logistics recruitment and distribution company – backed by Praetura, will form one of the largest independent providers of HGV drivers and warehouse staff in the UK.

The deal will see the two companies merge to become Challenge TRG Group with a combined turnover of £120m, collectively employing 4,000 temporary workers and 150 permanent employees. Founded in 2000 and headquartered in Surrey, TRG operates 12 regional hubs providing clients with national coverage. In the financial year ended 31 December 2018, TRG generated Normalised EBITDA of £2.5 million.

Nick Gordon, TRG Founder & CEO commented that “Boxington’s knowledge and experience of the recruitment sector helped us to navigate the M&A process smoothly and also to achieve an outstanding deal result”.

Mark Kingston, Boxington Director commented that “we are delighted to have advised the TRG Shareholders on their deal. Challenge TRG Group is now exceptionally well placed to capitalise on the attractive long-term growth drivers in the HGV driver recruitment market”.

Deal price and terms are not disclosed.