Nightline founders set for multi-million pay day in buyout by parcel giant UPS
US global logistics giant UPS has acquired Irish firm Nightline, making for a multi-million-euro pay day for its two founders.
Nightline CEO John Tuohy founded the business in 1992 with his friend David Field in the spare bedroom of Mr Tuohy's house, having each invested the equivalent of €10,000 in the company. The pair grew up in Artane in Dublin, on the same street.
Nightline is unlimited, meaning it doesn't have to make its accounts public, so it's difficult to know for sure how it's performing. In 2015, it generated turnover of more than €50m, however. It's owned by the founders via a company in the Isle of Man.
The purchase price agreed by UPS hasn't been revealed.
Millions of euro have been invested in Nightline over the past few years, and it now employs 410 direct employees, while 480 people subcontract for it. It's the country's largest independent parcel and freight delivery firm.
The company's Parcel Motel facilities are a familiar sight at locations such as filling stations and shopping centres.
"This is the right time in the company's evolution to join the world's largest parcel delivery company - one with a reputation for taking care of its people and a culture that aligns well with our own," said Mr Tuohy.
UPS Europe region president Nando Cesarone pointed out that Ireland has long been a strong, global trade player, with deep connections to the UK, the United States, Germany, China and other countries.
"With the addition of Nightline, we continue on our growth path in Europe, and will now be able to better serve customers who export into, and out of, Ireland," he said. "This is in addition to UPS's commitment announced in 2014 to invest $2bn in its European infrastructure by 2020."
UPS said that the UPS and Nightline brands will both initially operate in Ireland following the acquisition.
But it said that the businesses will be integrated "over time".