TNT Express to sell TNT Innight
TNT Express has announced that it intends to sell its overnight distribution subsidiary TNT Innight to the private equity firm Special Situations Venture Partners III (SSVP) . The company said that the sale is “motivated by TNT’s wish to concentrate resources on strengthening its core express delivery activities”.
TNT Innight provides night-time distribution services in Europe to companies in sectors such as automotive, agriculture, and engineering machinery.
The company manages its own distribution network, which is distinct from that of TNT Express, and employs about 1,300 people across 40 facilities in Northern and Central Europe.
TNT Express and TNT Innight have a few valued customers in common, for example in the automotive, engineering machinery, and agriculture sectors. TNT Express will continue to support these customers and industry sectors as before.
SSVP’s current portfolio consists of seven companies with annual worldwide revenues of €1.5bn.
TNT Innight will continue to operate as a standalone business, under a new brand name. The sale will not affect the terms and conditions of TNT Innight’s agreements with customers and suppliers.