Fastway Couriers sale to Elysian Capital
Arrowpoint Advisory has advised the shareholders of Parcel Connect Limited (t/a Fastway Couriers (Ireland) on its agreed sale to Elysian Capital III LP in conjunction with management, from MML Growth Capital Partners Ireland and Woodberry Ireland Capital.
Founded in Ireland in 2002, Fastway Couriers is now one of the largest courier businesses in Ireland. With a logistic network of 24 locations nationwide, it now handles over 25 million parcels annually, as the delivery partner to over 7,000 Domestic and International clients. It also operates Parcel Connect, Ireland’s largest network of over 1,300 local convenience stores that facilitate over 2.6 million transactions per year.
Danny Hughes, Fastway CEO, said: “We’re really pleased to announce this deal and wish to thank MML and Woodberry for their unwavering support over the past 5 years. The Fastway network, its valued staff and trusted franchisees, have achieved huge successes over recent years and we’re delighted to be backed by the team at Elysian to realise our exciting ambitions over the years to come.”
Jack Jacovou, Partner at Elysian, said: “The courier and logistics markets have enjoyed strong growth in recent years fueled by the rise of the ecommerce sector. We were attracted to Fastway by its unique courier franchise model and the opportunities to expand the service offering further, both into Ireland and internationally. We are delighted to be backing Danny and his team and look forward to our journey together supporting the business in this next exciting phase in the Fastway story.”
Neil McGowan, Partner and Co-head of Investments at MML, commented: “On behalf of MML, Woodberry and all shareholders, we are extremely pleased with our successful exit of Fastway. The business has grown nearly three-fold since we invested which is a testament to the skill of Danny Hughes and the entire Fastway team. We have greatly enjoyed our time working with Danny and team and we wish them, alongside Elysian, every future success in pursuing what continues to be a very exciting opportunity.”
Neil went on to add: “We chose Arrowpoint Advisory due to their strong track record in the Logistics Services and Technology space. Their experience and thoughtful approach from start to finish was impressive. We are extremely pleased with our successful exit of Fastway, and we are delighted to have selected Arrowpoint Advisory as our advisor.”
Barry Sheehan, Managing Director at Arrowpoint Advisory, concluded: “Fastway’s tech-enabled offering, courier franchise-model and returns logistics capabilities provide real differentiation in the rapidly evolving e-commerce logistics market. We’re delighted to have supported MML, Woodberry and Fastway management on this important transaction and congratulations to Elysian on their third investment in Ireland.”