CitySprint, a UK-based SameDay distribution network, has completed its sixth acquisition since it was backed by UK mid-market private equity house Dunedin in 2010. CitySprint has acquired the SameDay Courier, UK overnight and international operations of Scarlet Couriers.
PRESS RELEASE
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.
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About Dunedin
Dunedin
Dunedin is a leading UK mid-market private equity investor targeting buyouts of market leading companies in the UK with a deal size of £20m to £75m. Dunedin typically invests £20m or more in its portfolio companies.
Dunedin focuses on a number of sectors, using its depth of knowledge to understand the market drivers and to build relationships with management teams, key industry participants and influencers. The firm has enjoyed particular success in the industrial, business services and financial services sectors, completing eleven portfolio acquisitions in 2011 in order to drive the growth and internationalisation of its investee businesses.
Located in Edinburgh and London, Dunedin has a new investment team comprising 16 investment professionals with approximately 200 years of private equity experience between them.
Dunedin has more than £400m under management. This is managed on behalf of three limited partnership funds and a publicly quoted investment trust. These funds are backed by more than 20 institutional investors from the UK and Europe and, in the case of the investment trust, by over 5,000 institutional and individual shareholders.
Dunedin LLP is a limited liability partnership authorised and regulated by the Financial Services Authority