- 4 December 2019
- Transport / Logistics Services
A management buyout of UK parcel price comparison website (PCW) Parcel2Go is being backed by Mayfair Equity Partners. The management team of the firm is to remain unchanged.
Under the terms of the deal, Mayfair is to have a majority shareholding in Parcel2Go along with the management team. With Executive Chairman James Greenbury leading the business, a large proportion of employees are to be shareholders in the company through the Enterprise Management Incentive scheme.
Parcel2Go customers can get big discounts of up to 50% on deliveries, and positions itself as an alternative to the Post Office. It made more than £100 million in revenues in 2019.
The support from Mayfair is to add capital and operating support to accelerate growth plans and to explore merger and acquisition opportunities.
James Greenbury, Executive Chairman of Parcel2Go, 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 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.”