H.I.G. Capital Acquires DX Group plc
LONDON – January 29, 2024 – H.I.G. Capital (“H.I.G.”), a leading global alternative asset investment firm with $60 billion of capital under management, is pleased to announce that one of its affiliates has completed the public-to-private acquisition of DX Group plc (“DX” or the “Company”), previously listed on the London Stock Exchange’s AIM market, for an aggregate consideration of £307 million.
Based in Slough, DX is a provider of a range of specialist delivery services to both business and residential addresses across the United Kingdom and Ireland. The Company is engaged in the provision of last mile delivery solutions, including parcel, freight, secure, courier, and logistics services.
Tobias Borkowski, Managing Director on the H.I.G. Europe Private Equity team, commented: “We have been impressed with DX’s growth trajectory underpinned by the supportive market trends, as well as the Company’s commitment to high customer service levels. We believe H.I.G. is the ideal partner to support the management team in the next phase of its growth.”
Markus Noe-Nordberg, Managing Director and Head of the H.I.G. Europe Middle Market Private Equity team, said: “We are delighted to have the opportunity to invest in DX. H.I.G. has had great success investing in logistics businesses, and we will use this experience to help the management team accelerate the expansion of the Company.”
Paul Ibbetson, CEO of DX, added: “It is with great pride and enthusiasm that the entire management team, and I welcome H.I.G. as our new partner. I am very excited to work with the team at H.I.G. to capitalise on the enormous potential we have within the UK and Ireland. We are well positioned to continue pushing forward with our plans for growth and to further capitalize on our leading position in the IDW segment, with additional significant opportunities in our 2-Man, Logistics and Express Parcels divisions.”
DX is a well-established provider of a wide range of delivery services to both business and residential addresses across the UK and Ireland. First established in 1975 as a Document Exchange service to the legal sector, DX provides a wide range of overnight delivery services as well as logistics services.
The Company operates through two divisions, DX Freight and DX Express:
- DX Freight comprises DX 1-Man and 2-Man/Logistics, with the division being one of only a small number of operators that provides an overnight delivery service for irregular dimension and weight freight (“IDW”).
- DX Express comprises DX Parcels and DX Exchange and Mail, with the division specialising in the delivery of high-value, time-sensitive parcels and documents.
About H.I.G. Capital
H.I.G. Capital is a leading global alternative investment firm with $60 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, and Dubai, H.I.G. specializes in providing both debt and equity capital to mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
- H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.
Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at www.hig.com.