Newgistics, founded in 1999, provides parcel delivery, returns, fulfillment and digital commerce services for retailers and e-commerce brands. The company has about 500 retail clients and processes nearly 100 million parcels annually.
Newgistics was owned by private investment firm Littlejohn & Co., which acquired the company in 2013.
Since then, Newgistics has posted revenue and adjusted-earnings gains of more than 50 percent, according to Littlejohn officials.
In addition, Newgistics has made major investments in software development and new product launches, integrated businesses that it acquired and expanded its international reach, officials said.
“Over the course of our partnership with Newgistics, the company has been transformed into the leading player in the rapidly evolving and expanding e-commerce, logistics and fulfillment sectors,” Littlejohn Managing Director Edmund Feeley said in a statement.
Pitney Bowes, based in Stamford, Conn., said Newgistics will accelerate its expansion into the U.S. domestic parcels market, enabling the company to deliver a broader range of consumer-focused e-commerce and parcel management services to retailers and other customers.
“Newgistics fits uniquely at the intersection of our parcel growth strategies and will accelerate the overall transformation of Pitney Bowes,” Marc Bautenback, Pitney Bowes CEO, said in a statement.
Under the terms of the agreement, Pitney Bowes will purchase all shares of Newgistics for about $475 million. The deal is expected to close by late third quarter or early fourth quarter of this year.
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