Dunedin invests in CitySprint
CitySprint has received acquisition funding to support its ongoing buy and build strategy from mid-market equity firm Dunedin. The deal sees Dunedin take a minority stake in CitySprint for an undisclosed sum.
Patrick Gallagher and Gerard Keenan, chief executive and finance director respectively, will continue to run the business.
Gallagher said: “The investment into CitySprint marks an important milestone in the life of CitySprint which has continued to grow significantly in the past few years. This new investment will enable us to continue to grow both organically and through carefully selected acquisitions, whilst ensuring the services and products we provide remain both innovative and relevant to our customer’s needs.
“Today marks the beginning of a new chapter for CitySprint. Essentially it is more of the same; this deal does not signal any significant changes to how we run the business; it simply provides us with further opportunities to strengthen through investment both our service offerings and national coverage.”
Shaun Middleton, managing director, new investment at Dunedin added: “CitySprint is the market leading business in the same day courier segment, with a highly scalable business model and an experienced, capable management team that has delivered impressive growth in recent years.”
Nicol Fraser, director at Dunedin, who will join the Board of CitySprint, said: “We will work in partnership with the management team to deliver continued growth in the courier and logistics sectors. The market for non-document delivery is attractive, given that it is fragmented but consolidating and has high growth segments, such as healthcare, parts logistics and retail fulfilment.”
NOTE: Post&Parcel apologises to CitySprint for publishing the story “Dunedin acquires CitySprint” on Thursday 9 December. We now accept that Dunedin has in fact invested in CitySprint, and not ‘acquired’ the business.
