Nightfreight’s GBP89m buyout
UK overnight delivery group Nightfreight has completed a GBP89m (t133m) secondary management buyout, giving its management almost 50percent of the company’s shares.
CEO Robert Kelly said the irregular dimension and weight (IDW) freight specialist had almost doubled profits since its original MBO in 2001 by restructuring around two core divisions – IDW Network and IDW Logistics.
Turnover had increased from GBP73.6m (t110m) in 2000 to more than GBP100m (t150m) last year, and group operating profit now exceeded GBP10m (t15m).
The number of employees had also increased, rising from 1,650 in 2001 to 2,000 today.
In April, it launched a home delivery service with B&Q as its first customer in a contract worth GBP17m (t25m) a year.
