Distribution company CitySprint has bought Sameday UK for an undisclosed amount as it continues to use the support of its private equity backer.
Private equity firm Dunedin first invested in CitySprint back in December 2010 with a mandate to support its buy-and-build acquisition activity.
The purchase of Merseyside-based Sameday is said to expand CitySprint’s scale and reach and sees the London-based distribution company buy all of Sameday’s operations, which includes a local and national customer base.
Since CitySprint become a Dunedin portfolio company in 2010, it has completed eight bolt-on buys (including Sameday). Acquisitions have included those of Eagle Express, Scarlet Couriers, Lewis Day and Medical Services.
More on buy-and-build growth strategy:
Patrick Gallagher, chief executive of CitySprint, comments, ‘This deal marks yet another important step forward in our growth strategy.
‘We plan to keep increasing our reach through local acquisitions in order to ensure that we can offer our customers the best possible service.’
The purchase means that Dunedin has now completed a total of 15 portfolio acquisitions since 2011, a strategy which the firm says is one of the ‘key ways’ it supports management teams.
Dunedin partner, and CitySprint board member, Nicol Fraser, adds, ‘[The deal] further strengthens the company’s position as the UK’s leading private same day distribution company and puts the business on track to deliver strong growth on the £100 million of revenue delivered in 2012.’
