Liberty Corporate Finance is pleased to announce the completion of the £175m secondary management buyout of CitySprint, the largest same-day courier business in the UK, which was backed by LDC as part of a transaction that will see Management and Dunedin re-investing in the business.
The UK same-day courier market is worth an estimated £1.7bn and CitySprint which generated £146m of revenues in 2015 and has seen sales increase 20% over the last 5 years. The company operates a network of 3,000 self-employed couriers across the UK, who can reach 88% of the population within 1hour.
The transaction provides new capital for the next stage in the Group’s strategy, building on CitySprint’s position in the high growth, last mile retail and healthcare sectors. The investment also enables the Group to accelerate the development of innovative final mile delivery solutions in its newly-created LastMileLink Technologies division, while supporting the ongoing roll-out of CitySprint’s On the dot retail and consumer brand – a delivery service allowing shoppers to choose a one-hour delivery window launched in 2015.
The Group will also continue its ‘buy and build’ strategy to complement CitySprint’s strong organic growth.
Liberty Corporate Finance provided management advice to Patrick Gallagher, Gerard Keenan and the rest of the CitySprint management team who re-invested in the business.
Patrick Gallagher, Chief Executive of CitySprint, commented:
”From the outset both Steve Thomson and Mick McDonagh delivered exactly what they promised to the CitySprint management team. A professional and responsive advisory partner from start to finish. Their level of experience was evident and this provided a great deal of assurance during the course of the deal process”