Courier company CitySprint has purchased UK overnight and international delivery business Scarlet Couriers to expand its reach in the UK.
In December investment firm Dunedin supported the undisclosed management buy-out (MBO) of CitySprint to allow the distribution business to move ahead with its buy-and-build growth strategy.
Since the MBO CitySprint has closed five deals, with Scarlet Couriers being the sixth, including those of Lewis Day and Medical Services in November 2011.
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.
Nicol Fraser, director at Dunedin and board member at CitySprint, comments, ‘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.’
According to a statement, CitySprint is now in line to achieve revenues of £100 million in 2012.
Edinburgh and London-based Dunedin has £400 million under management and completed 11 portfolio acquisitions in 2011.