Dunedin has secured a £30 million debt package for CitySprint, the UK’s leading SameDay distribution business, with facilities provided by RBS and Clydesdale. This follows three months after the original deal in which Dunedin employed its DebtBridging solution to ensure deliverability and certainty of funding for the vendor and management team. This is the fourth Dunedin deal in which DebtBridging has been used.
Since Dunedin’s investment, CitySprint has made two acquisitions and has a large pipeline of other opportunities. The business is trading strongly driven by new contract wins as a result of its competitive position, scale, service quality and reliability.
Nicol Fraser a director of Dunedin who is on the board of CitySprint commented: “Our DebtBridging solution enabled us to get the initial deal done quickly without having to wait for bank debt finance, then, following completion of the deal, we were able to secure more favourable terms for the company.”
Patrick Gallagher, Chief Executive of CitySprint said: “No other private equity house offered us such a competitive and deliverable solution combined with a team that fits so well with ours. The use of DebtBridging has led to a better shape of facilities as well as significant savings on our new bank financing. These new facilities provide us with additional firepower to fund our buy and build strategy.”
CitySprint key services are SameDay courier, SameDay logistics and International and UK Overnight services that support a number of different sectors, including Healthcare, Retail, Finance, Public and Automotive. With clients such as the Environment Agency, Ministry of Defence and ASOS.com.