Thu, 05 Dec 2019 | MBO/MBI
Bolton-based parcel delivery price comparison company Parcel2Go has undergone a management buyout (MBO).
The MBO is being backed by London-based private equity firm Mayfair Equity Partners, which will now take a majority shareholding in Parcel2Go alongside the management team. A high percentage of employees will also remain shareholders.
Parcel2Go is an online and international freight shipping firm which offers a range of major global courier services. It aims to provide alternative delivery options at up to a 50 per cent discount for SMEs, small retailers and consumers.
It employs more than 230 staff and has a turnover in excess of £100 million. The company’s revenue at around 20 per cent annually, a rate which it expects to maintain “for the foreseeable future.”
Parcel2Go is led by Executive Chairman James Greenbury, who said: "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: "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."
The company specialises in the manufacture, import and distribution of a wide selection of microfibre cleaning products, such as cloths, mops and towels.
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