GREENWICH, Conn.--(BUSINESS WIRE)--Littlejohn & Co., LLC, a private investment firm based in Greenwich, CT, today announced it has signed a definitive agreement to sell Newgistics, Inc., the leading provider of technology-enabled parcel logistics to the e-commerce and direct-to-consumer retail industry, to Pitney Bowes (NYSE:PBI) for approximately $475 million.
Since being acquired by Littlejohn in 2013, Newgistics has undergone a period of tremendous growth, which has included:
- Greater than 50% increases in both revenue and EBITDA;
- Substantial investments in software development, new product launches, automation and overall expansion of the network;
- Developing international capabilities, now the Company’s fastest growing segment of business;
- Successfully implementing management succession plan and making key hires in marketing and fulfillment; and
- Fully integrating acquired fulfillment and system integration businesses into the Company’s core parcel logistics service offerings.
“Newgistics is an outstanding business and we are proud to have supported the Company’s growth and mission to deliver best-in-class omni-channel commerce solutions,” said Edmund Feeley, a Managing Director at Littlejohn. “Over the course of our partnership with Newgistics, the Company has been transformed into the leading player in the rapidly evolving and expanding e-commerce, logistics and fulfillment sectors. The Company’s accomplishments over the past four years are representative of the value we look to create and actively support in our portfolio companies. It has been a great pleasure working with the Newgistics team and we wish them continued success as part of Pitney Bowes.”
“Littlejohn has been an instrumental partner in helping us execute on our growth plan,” said Todd Everett, President and Chief Executive Officer of Newgistics. “With their support, we made great progress in capitalizing on the tremendous opportunities from the growth of e-commerce, by developing new capabilities, significantly growing our revenue and earnings, adding new customers, and globalizing our portfolio of services. We wish the Littlejohn team well and look forward to our next chapter as part of Pitney Bowes.”
The transaction is expected to close by late third or early fourth quarter subject to customary closing conditions.
Goldman Sachs served as financial advisor and Gibson, Dunn & Crutcher LLP as legal advisor to Littlejohn.
About Littlejohn & Co., LLC
Littlejohn & Co. is a Greenwich, Connecticut-based investment firm focused on private equity and debt investments primarily in middle market companies. With over $5 billion under management, the Firm seeks to create long-term value for its investors and build sustainable success for its portfolio companies through a disciplined approach to engineering change. For more information about Littlejohn, visit http://www.littlejohnllc.com.
About Newgistics, Inc.
Newgistics helps retailers and brands grow with seamless, omni-channel solutions that span the physical and digital sides of commerce. Its offerings, which include digital commerce development, deep analytics, relationship management, systems integration, fulfillment, parcel delivery and returns management, provide retailers and brands with a modern approach to enriching the customer journey. Its flagship digital commerce platform, ncommerce, fuses proven technology for retail environments into a stable, modern and infinitely scalable platform. From device to doorstep, Newgistics helps retailers and brands outpace the competition like no other service provider. For more information, please visit www.newgistics.com.