Royal Mail expands with Canadian buy
Wednesday, September 5, 2018
Royal Mail has expanded its overseas reach with the acquisition of North American parcels delivery firm Dicom Canada.
The acquisition of the C$233m (£138m) turnover B2B parcels specialist was made via Royal Mail’s General Logistics Systems (GLS) business, in a C$360m deal.
Dicom Canada had been owned by private equity firm Wind Point Partners for the past four-and-a-half years.
Royal Mail chief executive officer Rico Black said: "This acquisition is in line with GLS' strategy to grow through targeted and focused acquisitions to capture higher growth segments outside Europe.”
It is the group’s first acquisition since Black, who previously ran GLS, took over as CEO in June.