UPS Buys Lynx Express for $96.5 Million
United Parcel Service said yesterday that it will acquire Lynx Express Ltd. for $96.5 million in cash so it can further strengthen its package delivery capabilities in the United Kingdom.Lynx Express, one of the UK's largest independent parcel carriers, is majority owned by the private equity firm Bridgepoint Capital (Nominees) Ltd. UPS expects to complete the transaction in the second half of this year, subject to customary closing conditions.
In addition to its parcel delivery service, the Nuneaton-based Lynx Express offers a suite of logistics and spare parts logistics services. Company sales for its 2004 fiscal were $295 million.
UPS, Atlanta, has offered service to and from the United Kingdom since the mid-1980s. In its earnings statement last week, the company attributed its second-quarter growth to its international expansion as global trade and e-commerce increase overseas. In Q2, it saw an 8 percent gain in export volume growth from the UK compared to last year.
