The transaction was concluded by the shareholders of the two companies in early November 2019 and is pending approval from Romania’s Competition Council.
Under the partnership, SLS CARGO will continue to operate under its own brand, without being absorbed by FAN Courier. The founder of the company remains shareholder and CEO, and a similar decision was also assumed for the top management team of the freight forwarding operator.
”We are glad to become a partner of a leader of a growing market. To become better, one must learn from the best and FAN Courier is a healthy business, built carefully in over 20 years of activity. We are convinced the mutual transfer of know-how will be the key to our long-term development”, said Mihai Stoica, the founder of SLS CARGO.
The development of the portfolio will enable FAN Courier clients to access a wider range of services on the transportation-logistics-distribution segment. The short- and medium-term objectives of the two local partners consist in developing the business and extending the team.
FAN Courier ended the 2018 financial year with a turnover of EUR147 million. The company expects 15% higher turnover and investments of over EUR15 million in 2019.
Logistics services firm SLS CARGO started to operate in 2014, with the opening of its first operational office in capital Bucharest. In 2015, the company expanded its activity by opening two new units in Radauti and Constanta, respectively, following in 2016 by the opening of the first SLS Cargo warehouse in Bucharest.
In 2019, SLS Cargo has strengthened its foothold as an important player on the transport and logistics services market by operating 25,000 square meters of storage space in four locations in Mogosoaia, Bacu, Buftea and Cluj, respectively, by managing its own truck fleet, as well as by carrying out operational transport activities through seven offices in Romania and two international offices in Bulgaria and Italy, respectively. The company has 120 employees.