Mid Europa Partners, the leading private equity investor in Central and Eastern Europe, announced that it has entered into an agreement to acquire 100% of shares in Urgent Cargus from Abris Capital Partners. The transaction is subject to customary clearance by anti-trust authorities and is expected to close in Q4 2018.
Urgent Cargus isthe second largest courier, express and parcel service provider in Romania, offering last mile delivery to over 85,000 customers, including business clients, e-commerce retailers and private individuals. Urgent Cargus operates a dense network of 5 hubs and 71 stations connected by 360 linehaul routes, which together with its state-of-the-art asset base and logistical capabilities enable the Company to offer high-quality services such as 24-hour delivery across the country.
Gian Sharp, CEO of Urgent Cargus, commented: "Having witnessed the business increase its revenues more than fivefold to become a leader in domestic last mile delivery, I look forward to supporting the new owners in the Company's next phase of development. Urgent Cargus and its management will particularly benefit from Mid Europa's resources and e-commerce experience as the Company continues to grow and introduce high-quality services to the Romanian market."
Kerim Turkmen, Partner of Mid Europa, said: "With its high-quality nationwide logistics infrastructure, Urgent Cargus is well-positioned to serve business and retail customers and to facilitate the rapid growth of the domestic e-commerce market propelled by increasing penetration
of online shoppers. We are excited to partner with the Urgent Cargus management team to drive growth organically, through domestic acquisitions, as well as international expansion."
Robert Knorr, Co-Managing Partner of Mid Europa, added: "The acquisition of Urgent Cargus comes on the back of our investment in Allegro in Poland, and highlights Mid Europa's increased focus on companies operating in and serving the fast-growing online retail channel in CEE."
Mid Europa was advised by White & Case and Bondoc & Asociatii (legal), EY (financial & tax) and Last Mile Experts (commercial).
Clifford Chance Badea, the local office of global law firm Clifford Chance, has advised the seller, Polish-based private equity fund Abris Capital Partners on the sale.