Commenting on the transaction, Neil McGowan, Partner and Co-head of Investments at MML Ireland, said:
“We are extremely pleased with our successful exit of Fastway. The business has grown nearly three-fold since we invested which is 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 every future success in pursuing what continues to be a very exciting opportunity.”
Founded in Ireland in 2002, Fastway Couriers is now one of the largest courier businesses in Ireland. With a logistics network of 24 locations nationwide, it 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 transaction and wish to thank MML Ireland and Woodberry Capital 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 Capital, said:
“The courier and logistics markets have enjoyed strong growth in recent years fuelled 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.”
Mark Keating of Woodberry Capital commented:
“Woodberry Capital has thoroughly enjoyed supporting Danny Hughes and his team to successfully deliver an ambitious growth plan. They have collectively developed Fastway into Ireland’s ecommerce parcel delivery partner of choice with a fantastic client centric and tech-enabled offering. We wish them every success in executing the next phase of their growth plan alongside new partners, Elysian Capital.”
The transaction is subject to regulatory approval by the Competition and Consumer Protection Commission.
Elysian was advised by: Stephenson Harwood (Legal UK) Flynn O’Driscoll (Legal Ireland); Aon (Insurance); Deloitte (Financial & Tax); Equator (IT). Fastway shareholders including MML Ireland were advised by: Arrowpoint Advisory and Mazars Corporate Finance (Corporate Finance); PWC (Financial & Tax); CIL (Commercial), and Pinsent Masons (Legal). Debt is being provided by Muzinich Private Debt, working capital facilities by AIB.