ANC bosses in pounds 37.3m buyout
Parcel group ANC has delivered a pounds 37.3 million buyout of the company. The management team has bought a 50 per cent stake previously held by institutional shareholders. The deal, backed by private equity firm Lloyds TSB Development Capital, sees the management’s equity increase to 73.75 per cent with LDC taking 26.25 per cent. Led by chief executive Mark Gittins, the six-strong team took over in 2001 and have overseen significant growth in both revenue and profits. Formed in 1982, ANC Group employs 58 people at its Birmingham depot and 5,000 in total. Mr Gittins said: “This deal confirms ANC Group’s position as the fastest-growing independent player in the UK. The express parcel sector is very competitive and ANC Group have not only held their unit cost base, but new investment has given us the capacity to handle a further 35 million parcels a year with our existing infrastructure. Our record in recent years of winning market share will continue.”
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