Royal Mail PLC (LON:RMG) has bought the Canadian parcel delivery firm, Dicom Canada, for roughly £213 million (C$360 million). The company was purchased from private equity group Wind Point Partners. The deal is set to expand Royal Mail into Canada.
Dicom Canada provides transportation services offering courier facilities, truck loading, logistics management and trucking services. The firm operates in Canada and the US. The company generated unaudited revenue of C$233 million in the last year ending in June 2018.
Royal Mail has said: “Dicom Canada is well-placed to leverage growth trends in these markets and provides GLS with an established market position in this key economy.”
Despite the acquisition by Royal Mail, Dicom Canada will continue to be lead by Rick Barnes and its current management team.
At 10.34am: Royal Mail PLC share price was up by 0.56%.