Next Wave Partners' Delivery Group buys P2P

The GP supported the acquisition with new money, taking its total investment in The Delivery Group to £13m.

The Delivery Group is the parent company of Secured Mail and CMS Network. With the addition of P2P, the group will have an estimated turnover of £200m, operating from six locations with 500 employees. The company provides services including international and domestic e-commerce and mail deliveries, direct marketing mail distribution, managed mail solutions and specialist financial documents logistics.

Debt
At the time of the transaction, Next Wave simultaneously closed a £35m debt refinancing for The Delivery Group with Apollo Global Management's MidCap Financial arm. Robert W Baird & Co advised on the refinancing.

Company
Headquartered in Basildon, UK, P2P currently employs 150 staff and partners with UK brands such as Asos, The Hut Group and Gardners Books, providing both tracked and untracked e-commerce distribution services from its locations at Basildon and Heathrow. Turnover is over £50m. 

People
Next Wave Partners – Peter Wood (investment director).
The Delivery Group – Paul Carvell (chair).
P2P – Ian Dowie (CEO); Malcolm Barrell (chief operating officer).

Advisers
Equity – PwC (financial due diligence, tax); CIL Consultants (commercial due diligence); Hill Dickinson and Macfarlanes (legal); Highwire Consulting (management due diligence).

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