FedEx buys U.K. express firm ANC for ú120 million
FedEx Corp. has acquired the United Kingdom domestic express transportation company ANC Holdings Ltd. for '120 million ($233.5 million) from LDC, the private equity division of Lloyds TSB Group.
'The addition of ANC significantly expands our service portfolio in the important U.K. market and underscores our continuing commitment to grow the FedEx international business,' said Michael L. Ducker, president, international at FedEx Express.
Established in 1981, ANC employs about 4,500 people and has a fleet of 2,200 vehicles operated from 80 locations. It has annual revenues of more than '145 million ($283 million), FedEx said.
'As the U.K. market continues to evolve and expand, customers increasingly seek a single provider of solutions for their domestic and international shipping to more efficiently manage their global supply chains,' said Robert W. Elliott, FedEx Express' president, Europe, Middle East, Africa and Indian subcontinent.
FedEx said ANC's management would remain in place and report directly to Elliott.
JPMorgan Cazenove acted as financial adviser to FedEx while KPMG advised ANC.
FedEx buys U.K. express firm ANC for ?120 million
