TNT Express N.V. has announced its intention to sell its overnight distribution subsidiary TNT Innight to the private equity firm Special Situations Venture Partners III (“SSVP”) advised by Orlando Management AG.
According to the announcement, the sale is motivated by TNT’s wish to concentrate resources on strengthening its core express delivery activities.
TNT Innight provides night-time distribution services in Europe to companies in sectors such as automotive, agriculture, and engineering machinery. Because of the specificity of its service, TNT Innight manages its own distribution network, distinct from that of TNT Express. It employs about 1,300 people across 40 facilities in Northern and Central Europe.
Although TNT Express and TNT Innight have some customers in common TNT Express is expected to continue to support these customers as before.
Founded in 2001, SSVP funds invest in medium-sized companies and corporate subsidiaries. SSVP has announced it intends to provide TNT Innight with the financial resources required to achieve its growth plans.
TNT Innight is expected to continue to operate as a standalone business, under a new brand name.
The sale is not expected to affect the terms and conditions of TNT Innight’s agreements with customers and suppliers.
Pending customary conditions, the transaction is expected to close in the third quarter of 2016.
Source: TNT Express