Shareholders of the privately-owned specialist mail company, Secure Mail Services, have been advised by lawyers at Birmingham firm, Pinsent Masons on the sale of the business to Candover Partners for an undisclosed sum.
Candover will be merging SMS with DX Services, which is in the process of being taken private, forming a new firm to challenge Royal Mail in some areas of delivery.
Pinsent Masons also advised SMS managing director, James Greenbury, on his equity investment in the new business. DX, which is being bought for £349 million, handles some 250 million pieces of business mail a year, while SMS delivers 18 million items. The new company will have a staff of over 1,800 and an annual turnover in the region of £175 million.
The Pinsent Masons team has been led by private equity partner, Paul Harkin, working with Ann McCarthy and Alex Edmondson (corporate) and Lisa Parisi (tax). Candover was advised by Travers Smith (Chris Hale).