United Shipping Finishes Deal For Courier Business
United Shipping & Technology, a manufacturer of shipping kiosks that recently set up a courier division, has completed the purchase of Corporate Express Delivery Systems for $60 million, plus the assumption of debt.
Funding for the transaction was provided by a consortium of lenders headed by GE Capital, company officials said. Bayview Capital Partners of Wayzata, Minn., is providing an undisclosed amount of subordinated debt financing.
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The deal transforms the small Minnesota-based company with revenue of less than $1 million a year into one of the largest same-day delivery firms in the world with annual revenue of about $600 million.
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“Our company’s goal has been to become the branded global leader in same-day delivery solutions,” said Peter Lytle, chairman of United Shipping. “The acquisition of CEDS advances us aggressively toward this objective.”
