Release Date: 18 December 2006
Release ID: 372
FedEx Corporation (NYSE: FDX) today announced it has acquired ANC Holdings Limited, a United Kingdom domestic express transportation company for £120 million. This transaction will allow FedEx Express, an operating unit of FedEx Corp., to directly serve the entire UK domestic market, providing a broader range of shipping options and enhanced service under the trusted FedEx brand.
ANC offers a comprehensive range of distribution and logistics services with an established pick-up and delivery network across the UK. Founded in 1981, ANC has annual revenues of more than £145 million and is known for its strong customer-service philosophy, its advanced, reliable delivery network and commitment to its employees. ANC currently operates with a network of approximately 4,500 people and a fleet of 2,200 vehicles from 80 locations.
“The addition of ANC significantly expands our service portfolio in the important UK market and underscores our continuing commitment to grow the FedEx international business,” said Michael L. Ducker, president, International, FedEx Express. “This strategic investment enhances FedEx in the global express industry and will deliver additional value to our customers, employees and shareowners.”
UK businesses increasingly demand bundled transportation offerings in order to take advantage of global economic trends, such as the increasing percentage of high-tech, high-value manufactured goods, the growth of global trade, faster supply chains and logistics and the growth of the internet and e-commerce.
“As the UK market continues to evolve and expand, customers increasingly seek a single provider of solutions for their domestic and international shipping to more efficiently manage their global supply chains,” said Robert W. Elliott, president, Europe, Middle East, Africa and Indian subcontinent, FedEx Express. “This acquisition gives our customers access to broader business and transportation services and supports the delivery of an outstanding customer experience each and every day.”
ANC management will remain in place and report directly to Elliott. As part of the transaction, ANC shareholder LDC – the private equity division of Lloyds TSB Group plc – will exit its investment.
“The acquisition of ANC by FedEx, a world-class company known for its premium service and dedication to its people, presents new opportunities for our customers and employees,” said Mark Gittins, chief executive officer of ANC. “Our two companies share similar values in providing an excellent customer experience, investing in our people and our commitment to being good corporate citizens.”
JPMorgan Cazenove acted as financial adviser to FedEx Corporation on the transaction. KPMG advised ANC Holdings Limited.
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