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Dunedin backed CitySprint completes CYC Logistics acquisition

By Dunedin,  November 25, 2014

Seventeenth acquisition for CitySprint since Dunedin invested

CitySprint has completed the acquisition of London-based courier firm CYC Logistics, building on its position as the largest privately owned same day distribution company in the UK and amongst the top five same day distribution companies in the world.  This brings the number of acquisitions made by CitySprint, since it received investment from UK mid-market private equity firm Dunedin in 2010, to seventeen.

The addition of CYC Logistics’ fleet follows the integration of three regional courier businesses earlier in the year – Network Logistics, Letchworth Couriers and Sky Blue Couriers. CitySprint’s new combined operations will comprise of nearly 3,000 couriers and 40 Service Centres.

With Dunedin’s backing, CitySprint has enjoyed rapid growth over the last four years. Results for the year ending 2013 record EBITDA of £12.3 million and turnover of £112.7 million, a 12% increase on the £101 million achieved during the previous year. 

Nicol Fraser, partner of Dunedin who sits on CitySprint’s board commented:

“Dunedin has worked in partnership with the management team at CitySprint to deliver a successful buy and build strategy over the last four years, enabling the business to experience rapid growth. This is the seventeenth acquisition for the business in four years and we remain dedicated to further increasing the scale of the business, reinforcing CitySprint’s position as the market leader in its field.”

Patrick Gallagher, Chief Executive of CitySprint commented: “Today’s acquisition, the second biggest in our history, is an exciting milestone for the business. Not only are we adding further scale and reach to our national business, but we are building on our existing local knowledge base with some excellent people.”

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