The offering will be performed by TNT Post UK. The joint venture will provide funding and expertise for phased implementation of the new service. The launch follows successful trials in London and a more recent extension to Manchester. TNT Post UK is the largest provider of postal services in the U.K. after Royal Mail. The venture will encompass all current TNT Post UK operations, including downstream access activities. “With this joint venture, PostNL is able to maintain its strategy to be number two in the European markets in which it operates,” said Marcel Krom, a member of the company’s executive committee. PostNL will have a 40-percent stake in the joint venture. The transaction is subject to a number of conditions, and is expected to close in early 2014. LDC has completed more than 440 investments since its launch in 1981, and currently supports a portfolio of more than 70 businesses across the U.K.