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Case studies

CitySprint

Sectors: Business Services, TMT

Deal Type: MBO, Current - Partially Exited

Transaction Value: Not disclosed

www.citysprint.co.uk

Dunedin contact:
Nicol Fraser
Nicholas Hoare

 

CitySprint's perspective

“The Dunedin team make a strong financial partner, providing us with further opportunities to grow faster and capitalise more quickly on our hard earned sector dominance, whilst ensuring the services and products we provide remain both innovative and relevant to our customer needs." Patrick Gallagher, Chief Executive, CitySprint

Overview

CitySprint is the UK market leader in same day distribution, providing solutions for all courier and logistics requirements. Its leading edge technology platform underpins its flexible, highly scalable business model.

Dunedin backed the management buyout of CitySprint in December 2010. CitySprint chose to work with us because we had built a strong relationship with management, were able to commit follow on funding to the acquisition strategy and provided certainty to the vendor and management through the use of Dunedin's DebtBridge TM package.

The Opportunity

CitySprint has a strong management team, an excellent national network and scalable IT systems which position the business for rapid growth in its target markets. The decision to invest was based on a strong opportunity to consolidate a fragmented market through pursuing a buy and build strategy. Since the buyout, CitySprint has completed 20 acquisitions.

Value Creation

We have provided further financial and strategic support to the management team since the buyout. At the time of the deal we supplied the bank debt and subsequently refinanced that debt after the buyout was completed, enabling CitySprint to secure excellent bank debt terms. We have also committed substantial further funding for their acquisition programme.

We worked with CitySprint to help define their strategy as well as providing support on the transformational acquisitions such as of Lewis Day.

Business Description

CitySprint is the market leading UK provider of same day distribution services. It operates from 40 service centres across the UK. CitySprint's leading edge technology platform underpins its unrivalled ability to provide outsourced, time critical and final mile delivery capabilities to a wide range of sectors and customers including healthcare and retail.  

Strategy

CitySprint continues to research and deliver its successful buy & build programme, whilst leveraging existing business infrastructure to develop new vertical opportunities. It is investing in further technology and marketing to further develop its retail offering whilst capitalising on its growing reputation within the Healthcare sector.
 

Your Vision 2

What people say about us

"Dunedin already had an in-depth understanding of our sector which allowed them to see the potential of a strong roll-out strategy. They worked closely with us to create value and then realise that value by a successful flotation on AIM."

Keith Rogers

Managing Director, Goals

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