Parcel delivery business completes management buyout
A parcel delivery business in Bolton has undergone a management buyout.
The deal at Parcel2Go was backed Mayfair Equity Partners – which has become the majority shareholder in the business.
The management team will remain unchanged following the deal and will be led by executive chairman, James Greenbury.
Through the existing employee enterprise management incentive scheme, a high percentage of employees will continue to be shareholders in the business.
Parcel2Go is one of the UK’s largest competitors to the Post Office and delivered over £100m in revenues during 2019.
The investment will be used to fund domestic and international growth, product development, marketing and selective acquisitions.
Parcel2Go provides its customers with quick and easy price comparison options, working with the biggest and most respected couriers in the world.
In addition to price comparison, the business provides a white label service to parcel carriers who obtain turnkey shipping software, a fully hosted website and a third party in Parcel2Go to manage post-sale customer service.
The company’s third business line, which operates as National Pallets, provides pallet pricing comparison options across 17 European countries.
By providing cheaper and more efficient alternatives for micro SMEs, small retailers and everyday consumers, Parcel2Go is disrupting a large and highly underpenetrated market.
The business has a consistent track record of double-digit profitable growth and recorded over £100m in revenues during 2019.
Mayfair’s investment will provide Parcel2Go’s management with additional capital and operating support to accelerate their growth plans and to explore M&A opportunities where relevant.
James Greenbury said: “By operating three complementary business lines, we have successfully delivered strong organic growth and cemented our position as a market leader.
“We are delighted to be able to deliver an early Christmas present to lots of our employees that are part of the share scheme.
“Its testament to the family that we created that they have chosen to continue the journey with us. In Mayfair, we have found the ideal equity partner to help us achieve our long-term ambitions and we look forward to working closely with the Mayfair team.”
Daniel Sasaki, managing partner of Mayfair Equity Partners, said: “Parcel2Go has rapidly achieved a market leading position, providing both carriers and customers a unique offering and excellent quality of service.
“Price comparison websites have become part of consumers’ everyday lives and parcel delivery services is one of the fastest growing categories within it. As James and his team continue to disrupt the market, we look forward to bringing our prior experience in the PCW space to bear and helping them to achieve their next phase of growth.”
Oakley Advisory acted as financial advisor to Mayfair and Torch Partners acted as financial advisor to Parcel2Go.
