3i sells TG+ stake

TNT NV, a global provider of mail, express and logistics services, is to acquire TG+, a Spanish domestic distribution company. The transaction is subject to regulatory approval. The return on the deal was undisclosed.

TG+ is the result of the merger between Transcamer and Gomez, which took place in 2003. 3i invested €6.52m in Transcamer for a 49% stake in February 2001. In August 2003, the group invested a further €6.6m to acquire a similar company called Trasported Gomez creating TG+. The company became a leading Spanish courier company providing services to big companies.

TG+ is the third industrial parcel operator in Spain with revenues of around €120m split between its own operations (€100m) and dedicated agents. The business currently employs 2,600 people (962 TG+ directly employed) and operates 57 depots (42 TG+ directly owned) throughout the country, which add up to 135,000 square meters, with more than 900 pick-up and deliveries drivers, and a fleet of 140 line haul trucks connecting the depot network.