Distribution network CitySprint has added Eagle Express Worldwide Couriers to its business portfolio through an undisclosed acquisition.
Private equity backer Dunedin has supported the deal, the fourteenth time one of its portfolio companies has closed such a deal in 2012.
Dunedin’s first invested in CitySprint back December 2010 through a management buy-out (MBO). Shortly after leading the buy-out of the firm, Dunedin secured a £30 million debt package for London-based CitySprint to support its acquisition push.
CitySprint has reported revenue of £100 million and the acquisition is said to expand the company’s scale and reach.
CitySprint chief executive Patrick Gallagher says that by purchasing the Eagle Express business, a further increase in geographical footprint across the UK will now be possible.
For Dunedin, the acquisition marks a period of high transactional activity. Earlier in December the firm backed the £34.5 million MBO of alloy components concern Premier Hytemp. Before that, Dunedin exited its interest in etc.venues, a conference and training venues business, through a deal netting it a 3x return.
Nicol Fraser, partner at Dunedin who sits on CitySprint’s board, comments, ‘This acquisition demonstrates Dunedin’s ongoing commitment to supporting the growth of our portfolio companies.
‘We have been working in partnership with CitySprint’s management to drive the growth of this business and enhance its national reach.’