Delivery company TNT Express is set to sell off its TNT Innight overnight distribution subsidiary to Special Situations Venture Partners III.
The latter is a private equity firm and by selling Innight, TNT would be able to concentrate its resources on improving its core delivery activities, reports Logistics Manager.
Currently, Innight delivers things overnight to places all over Europe to companies across various sectors, including automotive, agriculture and engineering machinery, among many others.
The subsidiary has its own distribution network, which sees it with its own employees who total 1,300 people throughout 40 different facilities.
Although the sale is confirmed, it isn't yet complete, but it is expected to be going ahead in the third quarter of this year.
Under the sale, Special Situations intends to provide Innight with the necessary funding for it to be able to achieve the growth that it can't currently achieve.