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CitySprint completes tenth acquisition since Dunedin's investment

By Dunedin,  August 05,2013

Dunedin backed CitySprint makes its tenth acquisition with Enfield-based The Courier Service

CitySprint, the UK’s leading same day distribution network company, has acquired Enfield-based The Courier Service, its tenth acquisition since it was backed by UK mid-market private equity house Dunedin in December 2010.

The Courier Service’s network of businesses will be transferred to CitySprint, providing their customers with access to the national company’s unrivalled service and coverage, including 2,500 couriers and 37 service centres across the UK.

This acquisition comes five months after CitySprint’s acquisition of Heathrow Baggage Services, the Heathrow-based luggage repatriation, replacement and repair business, which forms part of a strategy to support its growing luggage delivery brand, CityBags.

Nicol Fraser, partner at Dunedin who sits on CitySprint’s board, commented: "This is the tenth acquisition that CitySprint has made since we backed the business in late 2010.  It further strengthens the company's position as the UK's leading private same day distribution company and puts the business on track to achieve 80% turnover growth over three years.”

“CitySprint’s active buy and build strategy is representative of the approach that Dunedin takes to supporting management teams in increasing the value of their businesses.  We have completed a total of eighteen portfolio acquisitions since 2011 and we expect this number to increase as we deploy our latest fund."

Patrick Gallagher, Chief Executive of CitySprint, said, “I am really pleased that we are continuing to strengthen our national network with the addition of another great business. Customers of The Courier Service will now have access to our network of over 2,500 couriers and 37 service centres across the UK. We are also able to offer unrivalled technology, including our MyCourier app, live courier-tracking systems and automated status notifications.” 

Dunedin has completed eighteen portfolio acquisitions since 2011 to drive the growth of its investee businesses.  In the last 12 months, the Dunedin portfolio of British businesses has reported 13% employment growth, 18% turnover growth and 10% growth in EBITDA. 

In July, Dunedin announced that is had successfully raised a £300 million fund, dedicated to investing in UK SME businesses with an enterprise value of between £20 million and £75 million.  The fund exceeded its target of £250 million.

 

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