Dunedin's CitySprint bolts on CYC Logistics

The deal marks the 17th acquisition for CitySprint under Dunedin's stewardship and the fourth in 2014.

The GP acquired CitySprint in December 2010 with capital drawn from Dunedin Buyout Fund II. Three months later it secured a debt package for the business from RBS and Clydesdale.

Earlier this year, the company bolted on three regional courier businesses: Network Logistics, Letchworth Couriers and Sky Blue Couriers.

Following completion of the latest deal, CitySprint will have a team of around 3,000 couriers across 40 service centres. Dunedin stated the business had increased its turnover year-on-year from £101m to £112.7m in 2013, with EBITDA of £12.3m.

Company
Headquartered in London and founded in 1990, CYC is a courier firm.

People
Nicol Fraser, a partner at Dunedin, has a seat on the board at CitySprint. Patrick Gallagher is chief executive of CitySprint.

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