Dunedin backed CitySprint, the UK’s leading same day distribution network, has been ranked at number 186 in the 12th annual Sunday Times Grant Thornton Top Track 250. This ranks Britain’s private mid-market growth companies with the biggest sales. http://www.fasttrack.co.uk/league-tables/top-track-250/
Dunedin originally invested £33.1m in CitySprint at the end of 2010 and worked alongside management to build the UK’s largest privately owned same day distribution network. Dunedin sold its original shareholding in February of this year in a secondary MBO to LDC, which valued the business at £175m. The deal saw Dunedin re-invest in CitySprint to retain an equity stake.
With Dunedin’s support, CitySprint made 21 acquisitions in six years creating an unrivalled nationwide network of 41 service centres and over 3,000 self-employed couriers, which can reach 88% of the UK population in under one hour. CitySprint has enjoyed five years of exceptional growth and turnover and EBITDA more than doubled under Dunedin’s ownership. In the year to 31 December 2015 CitySprint achieved EBITDA of £16.8m on turnover of £146m, up 14% on 2014 in which EBITDA was £13.5m and turnover was £129.0m.
Nicholas Hoare, Partner at Dunedin who sits on the Board of CitySprint said: “CitySprint has seen exceptional growth in sales since we invested in the business, a growth of 19% CAGR between 2010 and 2015. We have always recognised that this is a business with huge potential, hence our decision to re-invest earlier this year. We would like to congratulate the management team on being recognised as one of Britain’s top mid-market companies with the biggest sales, a considerable achievement.”