The value of the deal has not been disclosed.
“Abris Capital Partners is announcing the acquisition of Urgent Curier, oen of the top three courier services providers in Romania. The transaction comes 20 months after Abris Capital Partners invested in the Romanian courier services market by purchasing Cargus in October 2012. The acquisition will be followed by the merger of the two entities, as equal partners (…),” Urgent Curier said in a statement sent to MEDIAFAX.
The merger will create a company with a fleet of more than 1,800 courier vehicles, a team of 1,800 courier staff and a logistics network of 142 warehouses.
Urgent Curier, held by Sebastian and Corina Balasescu, started to operate ten years ago. In 2013, Urgent Curier’s turnover rose 28% on the year to RON115.95 million, but its net profit fell 2.7% to RON10.2 million.
In 2013, Cargus International reported 20% higher turnover to RON115.68 million and 1% lower net profit to RON6.53 million.
Abris Capital Partners, with offices in Warsaw, Kiev and Bucharest, administers two funds of over EUR770 million.
Romania’s courier services market reached around EUR250 million in 2013, higher by EUR50 million from 2012, and the growth rate will be kept in 2014, according to estimates by Cargus International head Gian Sharp.