DX Group

Case Study

PGIM provides capital for the acquisition of DX Group plc

DX Group is a leading provider of delivery and logistics services across the UK and Ireland.

At a Glance

Founded in 1975 providing document exchange services to the legal sector, DX Group today collects, transports and delivers parcels, packages and consignments of every size, weight and shape for a wide range of business and residential customers. The company has 4,800 employees managing 2,900 routes with 92 million items delivered in the past year.

PGIM's UK Direct Lending team supported the ‘take private’ of DX from the AIM, valued at c. £300m backed by H.I.G. Europe. This transaction highlights the breadth and flexibility of PGIM’s Direct Lending strategy, which aims to provide relationship-focused debt capital for sponsor-backed and management-owned businesses in the mid-market.

Relationship Since 2024

Transaction details:

Senior Term Loan
Delayed Draw Term Loan

“We are well positioned to continue pushing forward with our plans for growth within the UK and Ireland and to further capitalize on our leading position in the IDW segment, with additional significant opportunities in our 2-Man, Logistics and Express Parcels divisions.”

Paul Ibbetson, CEO DX Group

<p>“We are well positioned to continue pushing forward with our plans for growth within the UK and Ireland and to further capitalize on our leading position in the IDW segment, with additional significant opportunities in our 2-Man, Logistics and Express Parcels divisions.”</p>

“We have been impressed with DX’s growth trajectory underpinned by the supportive market trends, as well as the Company’s commitment to high customer service levels. H.I.G. has had great success investing in logistics businesses, and we will use this experience to help the management team accelerate the expansion of the Company.”

H.I.G. Europe