Elysian Capital has agreed terms to acquire Fastway Couriers from MML Growth Capital, which bought into Fastway in 2017.

The deal is subject to Competition and Consumer Protection Commission approval.

Founded in 2002, Fastway Couriers is now one of the largest courier businesses in Ireland. With a logistic network of 24 locations nationwide, it handles over 25 million parcels annually, as the delivery partner to over 7,000 clients.

It also operates Parcel Connect, Ireland’s largest network of over 1,300 local convenience stores that facilitate over 2.6 million transactions per year.

Danny Hughes, Fastway CEO, said: “We’re really pleased to announce this transaction and wish to thank MML and Woodberry Capital for their unwavering support over the past five years.

In Association with

“We’re delighted to be backed by the team at Elysian to realise our exciting ambitions over the years to come”

Jack Jacovou, partner at Elysian, commented: “The courier and logistics markets have enjoyed strong growth in recent years fuelled by the rise of the ecommerce sector. We were attracted to Fastway by its unique courier franchise model and the opportunities to expand the service offering further, both into Ireland and internationally.”

MML partner Neil McGowan added: “We are extremely pleased with our successful exit of Fastway.  The business has grown nearly three-fold since we invested which is a testament to the skill of Danny Hughes and the entire Fastway team.”

Elysian was advised by: Stephenson Harwood (Legal UK) Flynn O’Driscoll (Legal Ireland); Aon (Insurance); Deloitte (Financial & Tax); Equator (IT).

Fastway shareholders were advised by: Arrowpoint Advisory and Mazars Corporate Finance (Corporate Finance); PWC (Financial & Tax); CIL (Commercial), and Pinsent Masons (Legal).

Debt is being provided by Muzinich Private Debt, and working capital facilities by AIB.