Dunedin’s CitySprint acquires Scarlet Couriers
UK-based distribution network CitySprint, backed by Dunedin Capital Partners, has acquired courier firm Scarlet Couriers.
The bolt-on was financed from the company's existing balance sheet and is the sixth completed by CitySprint under Dunedin's ownership.
Dunedin Capital Partners acquired CitySprint in December 2010. The deal value was not disclosed, but Dunedin is thought to have invested more than £30m through the Dunedin Buyout Fund II. Dunedin supported the transaction with an initial debt bridge, which was replaced by a £30m debt package provided by RBS and Clydesdale Bank in May 2011.
Company
Headquartered in London, CitySprint was founded in 2001 and offers same-day delivery services through its national network of 31 centres. The company expects to report a £100m turnover this year.
People
Nicol Fraser and Oli Bevan worked on the bolt-on at Dunedin.
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