Dunedin has gone back to portfolio company CitySprint, which provides same day distribution, to support its growth efforts.
The acquisition represents the thirteenth since Dunedin first backed CitySprint back in 2010, and fifth of this year.
CitySprint’s new buy comes on the back of growth which has seen it grow turnover by 36 per cent to £101 million and EBITDA by 33 per cent. The London business now has 37 service centres in the UK and possesses a fleet of 2,500 couriers.
Southampton-based Dash-it joins other new bolt-ons such as Bullit Couriers as businesses being used by CitySprint to expand its national network.
More on CitySprint acquisitions:
- CitySprint notches up eighth private equity-backed buy
- Eagle Express buy delivered by CitySprint
- Scarlet Couriers acquired
Patrick Gallagher, chief executive of CitySprint, says that Dash-it provides another new market opportunity. ‘Our business is going from strength to strength and continues to deliver strong organic growth,’ he adds.
‘Development of products and technology particularly within the healthcare divisions has been key and we expect to see further growth in 2014.’
Dunedin partner and CitySprint board member Nicol Fraser believes that the acquisition will allow CitySprint to further diversify its offering and leverage a ‘significant’ market opportunity in the in-night logistics segment.
‘We take an active role in the development of the businesses that we back and are dedicated to further strengthening CitySprint’s position,’ Fraser adds.
Dunedin recently closed a new £300 million investment pot, its Dunedin Buyout Fund III, and has completed three investments and two exits.