TNT Express has announced its intention to sell its overnight distribution subsidiary TNT Innight to the private equity firm Special Situations Venture Partners III (SSVP). The sale is motivated by TNT’s wish to concentrate resources on strengthening its core express delivery activities.
TNT Innight provides nighttime 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, separate from that of TNT Express. It employs approximately 1,300 people across 40 facilities in northern and central Europe. TNT Express and TNT Innight have a small number of customers in common, which TNT Express will continue to serve as before.
SSVP intends to provide TNT Innight with the financial resources required to achieve its growth plans. TNT Innight will continue to operate as a standalone business, under a new brand name. The sale will not 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.
May 5, 2016