Deutsche Post to offload niche courier operation
Logistics company Exel, which was last year taken over by the German mail giant Deutsche Post for pounds 3.8 billion, has put its niche courier business Marken on the block for an estimated pounds 250m.
It is understood that the investment bank UBS has been appointed to sell Marken. Marken provides specialist courier services to the medical, pharmaceutical, media, professional, fashion and high technology industries.
Sources said that a number of UK-based private equity firms such as PPM, Bridgepoint, Electra and 3i, were interested in acquiring the business. It is understood there could also be trade buyers.
Marken, which this year made profits before tax and interest of between pounds 15m and pounds 20m, was acquired by Exel in 1997.
News of the sale comes as Deutsche Post revealed that it is still struggling with the US end of its DHL arm. On Wednesday Deutsche said operating profits for the whole group in 2009 should hit ?5 billion ( pounds 3.4 billion).
