FedEx buys British express company for $234.3 million
FedEx Corp. has acquired ANC Holdings Ltd., a British domestic express transportation company for $234.3 million.
This transaction will allow FedEx Express, an operating unit of Memphis, TN-based FedEx Corp., to directly serve the entire British domestic market. As part of the transaction, ANC shareholder LDC, the private equity division of Lloyds TSB Group PLC, will exit its investment.
FedEx Express said the addition of ANC significantly expands its service portfolio in the important British market and underscores its commitment to grow the FedEx international business.
ANC offers a comprehensive range of distribution and logistics services with an established pick-up and delivery network across Britain.
Founded in 1981, ANC has annual revenues of more than $282.5 million pounds sterling. ANC currently operates with a network of approximately 4,500 people and a fleet of 2,200 vehicles from 80 locations.
British businesses increasingly demand bundled transportation offerings in order to take advantage of global economic trends, such as the increasing percentage of high-tech, high-value manufactured goods, the growth of global trade, faster supply chains and logistics, and the growth of the Internet and e-commerce.
ANC management will remain in place and report directly to Robert W. Elliott, FedEx president of Europe, Middle East, Africa and the Indian subcontinent.