British parcel price comparison website Parcel2Go has been taken over by private equity firm Mayfair as part of a management buyout.
Mayfair Equity Partners announced this week that it is backing a management buyout of the company, which has revenues of over £100 million. As a result of the investment, Mayfair will have a majority shareholding in the business alongside Parcel2Go’s management team, led by its Executive Chairman, James Greenbury.
In addition, through the existing employee Enterprise Management Incentive scheme, a high percentage of employees will continue to be shareholders in the business.
Mayfair said its 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.
Parcel2Go provides customers with quick and easy price comparison options of major carriers, operates a ‘white label’ service for parcel carriers including shipping software, a fully hosted website and customer service, and also offers pallet pricing comparisons across 17 European countries.
Greenbury commented: “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 (PCWs) 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.”
