The Delivery Group, a Next Wave Partners’ (“Next Wave”) portfolio company, has sold P2P Mailing, its E2E international e-commerce delivery solutions subsidiary, to FedEx Corporation, a global giant in cross-border delivery services, for an enterprise value of £92 million.

Founded in 2008, and based in Laindon in Essex, P2P is a leading provider of outbound e-commerce delivery services, from the UK to international markets. P2P’s range of market-leading solutions include its proprietary “TRAKPAK” software suite, the first global tracked delivery solution designed specifically to support cross-border e-commerce with final-mile delivery to consumers in over 200 countries worldwide. P2P’s unique and powerful capabilities will complement the FedEx portfolio of offerings to the rapidly growing global e-commerce marketplace.

The Delivery Group, founded by growth capital investor Next Wave Partners, who have a successful track record of investing in fast growing businesses, will continue to expand its broad range of technology-enabled distribution services, including under its existing brands: Secured Mail and CMS.

Next Wave’s Managing Partner, Jonathan Brod, said: “Since our acquisition of P2P in 2016, the business has enjoyed tremendous growth and international expansion across many markets; a consequence of the innovation and hard work of its world class management and employees. We are delighted to have invested in P2P and its team and are excited to follow their “next wave” of growth as part of the FedEx family.”

Paul Carvell, The Delivery Group Chairman, commented “We wish all of the employees of P2P every success under new ownership. The strong commercial relationships established over the past few years with Secured Mail and CMS will remain. The Group, with a turnover in excess of £175 million, will continue to develop its focus on direct marketing mail, e-commerce and managed mail services, and plans to further invest in its core services and establish new, innovative solutions for its customers.”

The shareholders of The Delivery Group were advised by Coolin Desai, Jeremy Bate and Matt Bryan from PwC Corporate Finance, as lead financial advisers, and Craig Scott, Michael Murphy and Phil Wallbank from Hill Dickinson, as legal advisers.