We are delighted to have advised Worldnet on the sale of Worldnet UK and France to the shareholders of Worldnet New York.
Specialising in courier and shipping solutions for the world's biggest fashion brands, the Worldnet group of companies was founded by John Earthey and commenced trading with the opening of the London office in 1997. With a focus on great customer care, attention to detail and specialist knowledge, Worldnet quickly developed an excellent reputation which led to the expansion into music, media and film industries.
The global nature of the fashion industry and their customer base meant Worldnet quickly expanded globally, opening offices in New York, Los Angeles and Brussels and more recently Paris. The unique structure of the Worldnet business, which had different shareholdings and CEOs for each location, allowed each of the businesses to flourish in their territory whilst utilising the global Worldnet brand that had become synonymous with a quality and efficient service.
Having successfully built the Worldnet brand globally, in conjunction with his partners, and grown the London business, John Earthey, the majority shareholder of the UK business, was keen to explore his options. With the experience of working together for a number of years and seeing the benefit of bringing the Worldnet brand under one umbrella, the owners of the US business offered to purchase the Paris and London businesses and provide John with his exit. We were engaged by the shareholder to assist with the sale of the London business and part share of the Paris business.
With London having experienced strong trading and holding key customer relationships, not held by the other Worldnet businesses, it was clear that there was significant value in a consolidation play. The acquirer, having significant knowledge and experience of the industry, could see the benefit and synergies of bringing the Worldnet business together.
Our team supported the shareholder throughout the sale process to its successful conclusion. This included liaising with all stakeholders and ensuring the smooth running of the process.
"I am pleased to see the Worldnet brand will be retained and I am confident that the new owners will continue to deliver the same level of quality of service they have come to expect. Grant Thornton did a fantastic job throughout the process. They provided full support throughout the deal and, along with their technical expertise, the team were always on hand to provide advice and drive the deal forward."
John Earthey Managing Director, Worldnet International Limited
