Bridgepoint has sold Lynx Express, the UK-based independent parcel carrier, to UPS for a total consideration of £55.5m. The money multiple or IRR on this exit have not been disclosed although Bridgepoint is reported to have made a healthy return.
The company was the subject of a Bridgepoint-backed £34.3m management buyout in 1997. Sales in 2004 have grown to reach £170m.
This is Bridgepoint’s second trade sale in July following the sale of luxury good company Molton Brown to Kao Corporation of Japan for £170m. The transaction also represents Bridgepoint’s seventh major exit this year following the sale of companies including Bank Machine to US ATM operator Cardtronics; Erftcarbon, the German producer of graphite and carbon products, to Tokai Carbon of Japan; the flotation of Carter & Carter, the provider of outsourced services to the automotive industry; and the merger of Shearings, the coach and holiday operator, with Wallace Arnold.
Advisers involved in the transaction included Rothschild (corporate finance) & Travers Smith (legal) for Bridgepoint. UPS expects to complete the transaction in the second half of 2005, subject to customary closing conditions.