Today Abris Capital Partners, the leading mid-market private equity fund for Central and Eastern Europe, has announced the acquisition of Urgent Curier, one of Romania’s leading domestic courier companies. The deal comes 20 months after Abris Capital Partners first entered the Romanian market through its acquisition of Cargus, one of the country’s biggest courier companies, in October 2012.The merger will lead to a partnership between two of the top three courier companies in Romania
- The new partnership will give the two companies synergies that will allow Romanian customers to benefit from the best products and services of both members
- The new structure will be managed by Cargus CEO, Gian Sharp, and steered by the Supervisory Board that will integrate key management from Abris Capital Partners and the current owner of Urgent Curier
The acquisition will be followed by a merger of equals between Cargus and Urgent Curier, creating a partnership that will give the two companies synergies that will allow Romanian customers to benefit from the best products and services of both members of the merger.
The new partnership will benefit from a fleet of 1.800 courier vehicles, a team of 1.800 couriers, and a network of 142 hubs all over Romania. The combination will combine the best practices from both companies, both of which are currently in the top 3 courier companies of the country.
Cezar Scarlat, Head of Abris Capital Romania and Bulgaria – Managing Director:
“The acquisition of Urgent Curier is another milestone in the execution of our investment strategy in Romania. The recent partnership with Mrs. and Mr. Balasescu, will allow us to create one of the largest express courier companies in a market having a great need for quality services.
As one of the largest funds focused on Central and Eastern Europe, with EUR 770m under management, we are constantly looking for new investment opportunities across a multitude of businesses and sectors in need of capital and investment.”
Gian Sharp, CARGUS CEO, will manage the new structure with steering from The Supervisory Board that will integrate key management from Abris Capital Partners and Urgent Courier.
Gian Sharp, Cargus CEO, expects the new partnership to challenge for the leading position on the Romanian courier market:
“This merger of equals brings together two highly competitive and performant companies that have enjoyed excellent growth periods in the past years. Putting Cargus and Urgent together creates a reliable and very strong competitor, capable of challenging for the No1 place on the Romanian courier market by offering a combination of the key benefits which both companies have, including better coverage, better transit times, utilization of one of the largest networks in Romania, utilization of automated sorting equipment, best-in-class customer service and e-commerce applications supported by a very well defined business process that will ensure our success.“
Sebastian Balasescu, Owner of Urgent Curier:
“The merger of the two companies appeared as a result of the realities and pressures of the courier market in Romania and Europe. This merger will give us the opportunity to ensure quality services for Cargus and Urgent customers. It will also allow us to continue the quality services offering tradition which we have earned over 10 years of activity, and maintain the spirit of respect for our customers and innovation and excellence offering.”