Deutsche Post DHL seeks buyer for British outsourcing subsidiary Williams Lea

Deutsche Post DHL Group is seeking a buyer for its British outsourcing subsidiary Williams Lea Group, German newspaper Frankfurter Allgemeine Zeitung reported.

The report said that Deutsche Post has hired independent investment bank Moelis to seek potential buyers and a deal could fetch several hundred million euros but below a billion.

Deutsche Post had first acquired a majority 75 per cent stake in Williams Lea in 2006 from private equity firm 3i, and its founder for $443 million. The remaining stake is held by the company's management.

Founded in 1820 by John Wertheimer, London-based Williams Lea started off by providing printing services to the financial industry.

Through several acquisitions, Williams Lea diversified into offering business process outsourcing (BPO) to large companies as well as mail processing, bulk mailing, printing, and page layout.

It acquired the design and production agency Tag Worldwide in 2011, and adopted the company's name into its own brand.

The company operates from more than 400 locations across the US, Europe and Asia Pacific and employs more than 6,500 people.

Williams Lea customers include major international corporations in legal and professional services, investment banking, financial services, telecommunications and retail as well as automotive and pharmaceutical companies.

Deutsche Post last year reported that Williams Lea had 2014 revenue of €1.41 billion ($1.51 billion).