FedEx to acquire subsidiary of Warrington-based Delivery Group for £92m
North West mail services provider The Delivery Group is selling its P2P Mailing subsidiary to courier giant FedEx Corporation.
FedEx will acquire the company from Warrington-based Delivery Group for £92m.
P2P was founded in 2008 and is based in Laindon, Essex. It provides outbound ecommerce delivery services from the UK to overseas markets.
Delivery Group is a portfolio company of London private equity house Next Wave Partners.
Following the disposal, Delivery Group will continue expanding its range of technology-enabled distribution services, including those available through its Secured Mail and CMS brands.
Jonathan Brod, managing partner at Next Wave, said: “Since our acquisition of P2P in 2016, the business has enjoyed tremendous growth and international expansion across many markets; a consequence of the innovation and hard work of its world class management and employees.
“We are delighted to have invested in P2P and its team and are excited to follow their ‘next wave’ of growth as part of the FedEx family.”
Paul Carvell, chairman of The Delivery Group, commented: “We wish all of the employees of P2P every success under new ownership.
“The strong commercial relationships established over the past few years with Secured Mail and CMS will remain.”
He continued: “The group, with a turnover in excess of £175m, will continue to develop its focus on direct marketing mail, e commerce and managed mail services, and plans to further invest in its core services and establish new, innovative solutions for its customers.”
A team from professional services giant PwC’s corporate finance arm provided financial advice to the shareholders of Delivery Group. Hill Dickinson served as legal advisers.