CitySprint receives capital boost from new stakeholder Dunedin
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COURIER CTINSPRINT has secured private equity funding to continue its expansion plans.
Equity firm Dunedin has become a minority shareholder in CitySprint, investing an undisclosed sum and providing the same-day delivery firm with capital to support its -buy-and-build' strategy. "4* "Today marks the beginning of a
new chapter," says Patrick Gal lagher, CitySprint chief executive.
"Essentially, it is more of the same; this deal does not signal any significant changes to how we run the business; it simply provides us with further opportu
lilies to strengthen through investment both our service offerings and national coverage."
Already this year the company has snapped up Road Runners (Swindon) and Goldstar Couriers.
CitySprint chairman Andrew Bernard says that further acquisitions are in the pipeline.
Nicol Fraser, a director of Dunedin who will now join the CitySprint board, says: "The market for non-doc ument delivery is attractive, given that it is fragmented but consolidating, and has high growth segments, such as healthcare, parts logistics and retail fulfilment."