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Dunedin backs CitySprint for bolt-on deal

30 Oct 2013

pounds3_lrgUK private equity firm Dunedin has backed its portfolio company CitySprint for the acquisition of Southampton-based courier company Dash-it.

The deal marked CitySprint’s thirteenth bolt-on acquisitions since being bought out by Dunedin in 2010.

The company currently operates 37 service centres in the UK with a fleet of more than 2,500 couriers.

CitySprint posted record results last year, seeing its EBITDA jump 33 per cent as revenues climbed 36 per cent to £101m.

Dunedin partner Nicol Fraser said, “ CitySprint is now the established market leader in UK same day distribution and this latest acquisition will allow the business to further diversify its courier services and leverage another significant UK market opportunity in the in-night logistics segment.

“We take an active role in the development of the businesses that we back and are dedicated to further strengthening CitySprint’s position.  The company’s impressive growth rate over the last three years, is an example of how we can really add value.”

Dunedin is currently investing from its third fund, which was closed on £300m in July this year, beating its initial £250m target.

Some 60 per cent of the LPs that have committed to Dunedin Buyout Fund III reside outside the UK, compared with 20 per cent in 2006.

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