Cargus International shareholders approved the merger early October.
In June, Abris Capital Partners bought Urgent Curier, a postal operator with a a turnover of RON115.95 million in 2013, for an undisclosed amount, and announced it was to merge with Cargus International, which the investment fund held since 2012.
Urgent Curier was previously owned by Corina and Sebastian Balasescu.
Urgent Curier started operations ten years ago and its 2013 turnover was 28% higher than in 2012, while its net profit declined 2.7%, to RON10.2 million.
The merger will create an operator with a fleet of more than 1,800 delivery vehicles, a team of 1,800 couriers and a logistical network of 142 warehouses.
The new entity will be managed by Gian Sharp, the current general manager if Cargus, under the coordination of a board of directors, that will consist of the management of Abris Capital Partners and the Balasescu family.
Last year, Cargus International’s turnover grew 20%, to RON115.68 million, and its net profit declined 1%, to RON6.53 million.
Abris Capital Partners manages two investment funds and has offices in Warsaw, Kiev and Bucharest.
The top courier services companies on the Romanian market in 2013 were FAN Courier – RON280.5 million turnover, DHL Romania – RON220.42 million, TNT Romania – RON164.41 million, and UPS Romania – RON119.87 million.