CitySprint, the UK’s leading SameDay distribution network, announces the completion of its sixth acquisition since it was backed by Dunedin, the UK mid-market private equity house, in 2010. CitySprint has acquired the SameDay Courier, UK overnight and International operations of Scarlet Couriers, to expand its reach and consolidate its position as the UK’s leading private same day distribution company. CitySprint is on track to deliver £100 million of revenues in 2012.
Nicol Fraser, director at Dunedin who sits on CitySprint board, commented: “Dunedin continues to build value through acquisitions and organic growth. Scarlet Couriers represents the sixth strategic acquisition undertaken by Citysprint in the last 18 months and the twelfth by Dunedin portfolio companies in total.”
Dunedin’s portfolio companies consistently outperform the markets within which they operate – the CitySprint acquisition follows the recent news that Formaplex has increased its production facilities, as a result of significant organic growth, from 20,000 sq. ft., in 2007 when Dunedin invested, to 135,000 sq. ft.
Under Dunedin’s ownership Formaplex has been transformed from a prototype tooling business into an advanced manufacturing business focused on servicing rapid response, design and support for manufacture in the application of plastics, thermo plastics and composites. During that period employee numbers have increased from 45 to 139 and turnover has quadrupled.
Fraser, who also sits on the Formaplex board said: “The growth in Formaplex is driven by its ability to provide innovation and outstanding service to its clients servicing the rapidly growing plastics and composites market.”
Dunedin’s Nicol Fraser and Oli Bevan worked with the CitySprint team on the acquisition.