Next Wave have built The Delivery Group into one of the UK’s leading e-commerce and specialist mail logistics operators.

Next Wave created The Delivery Group (“TDG”) to provide UK-based e-commerce clients with an integrated premium international and domestic service offering, combined with time-critical specialist mail services.

Next Wave first invested into Secured Mail in 2011, which grew rapidly and ranked second in the Sunday Times Fast Track 100.  Secured Mail then merged with CMS and P2P to create The Delivery Group. During our investment, Next Wave has invested in several software and technology development initiatives to enable and accelerate internationalisation, supported major depot consolidation and financed operational automation. Our investment has also enabled a substantial reduction in operational costs, while improving TDG’s ability to scale operations to deal with increasing domestic and international demand. Next Wave has supported TDG’s strategic transition towards higher margin and higher growth service lines such as global e-commerce delivery.

Under Next Wave’s ownership, revenue grew over 10x from c.£30m to over £300m and EBITDA over 20x  to substantially over £10m by 2018. NWP and TDG then successfully sold a division of the group to FedEx for c.£100m, achieving over 4x distribution (DPI) on our Fund’s investment from that non core divisional sale alone. Following the disposal, the remaining group has again grown substantially, through organic and acquisitive growth, with an increased focus on software and technology solutions. TDG is a highly profitable, rapidly growing, leader in the e-commerce delivery market. Next Wave remain majority shareholders and work closely with the management team on scaling the Group further.

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