Mid Europa Partners has acquired Urgent Cargus, a Romanian courier company, from Abris Capital Partners. No financial terms were disclosed.
WARSAW, Poland, September 27, 2018 /PRNewswire/ –Abris Capital Partners, the Central and Eastern European private equity fund manager, has sold 100% of its shares in its Romanian portfolio company, Urgent Cargus S.A., to Mid Europa Partners.
Abris CEE Mid-Market Fund II acquired Cargus in 2013, attracted by the growth potential of both the company and the sector in which it was operating. Two years later, Abris merged Cargus with one of its direct competitors, Urgent Curier, taking advantage of the synergies between the two companies and renaming the enlarged business Urgent Cargus. Through a further five bolt-on acquisitions (TCE, CRX, Otto, Sprint and X-Curier) the company successfully underpinned and further strengthened its market position.
Today, Urgent Cargus is a strong and well-established #2 player in the Romanian market with more than 2,000 couriers delivering close to 30 million parcels per year. Since the acquisition of Cargus, the management team, working alongside Abris, has increased the businesses revenue and volumes five-fold.
“As a result of our expertise in the sector, Abris was able to realise ambitious development plans for the company, adding further value on different levels. With our support it was possible to accelerate the company’s growth by, inter alia, strengthening and expanding the management team, with significant investment in IT technology, as well as through modernising its operational infrastructure. We are delighted that the results have not only secured Urgent Cargus the long-term trust of its clients, but also validate our chosen business strategy,” sums up Adrian Stanculescu, Investment Director at Abris Capital Partners and Head of Abris Romania.
“I would consider Abris as not just partners in business with management but a key to our success. They have supported our investment proposals and strategies that have led to an impressive five-fold increase in revenues. Ultimately, we are a people company that delivers. Our culture is driven by a very strong commitment to deliver quality and our leadership position is attributable to every player in the Urgent Cargus team whom I wish to thank and look forward to continue to support moving forward,” said Gian Sharp, CEO of Urgent Cargus.
Yesterday’s signed agreement is conditional upon securing clearance from the Competition Council. As a result, the transaction is expected to close in Q4 2018.