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Private equity in action - Case Study

PE in CEE - Urgent Cargus

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Romania’s courier market consolidator

Delivering to the dynamic B2C market while picking up add-on acquisitions to reach a +30% market share

 

COUNTRY

Romania

RETURN 3.8x
GP Abris Capital Partners GROWTH 4x more parcels shipped
INVESTMENT EUR 32 million EMPLOYMENT 1,900 new jobs
SECTOR Logistics INVESTMENT TYPE Buyout
INVESTMENT March 2013 FUND OWNERSHIP 98%
EXIT December 2018 EXIT ROUTE Sale to a PE house

Investment rationale
Despite being # 2 in Romania, Cargus was a small player in Romania’s fragmented courier market when DHL put it up for sale after deciding to exit from domestic operations. Abris saw a clear opportunity to deploy sector expertise gained from a prior courier investment in Poland. Its investment thesis was to create a leading player by consolidating the market and focusing on the rapidly growing B2C segment.


Deal history and structure
Abris acquired 98% of Cargus from DHL in 2013 and 100% of Urgent Curier (the # 3 player) in 2014, using a mixture of equity and debt in both transactions. The two companies were merged in 2015 under the name Urgent Cargus. Acquisition of five smaller competitors further consolidated the courier/parcel market.

 

Urgent Cargus

Abris Capital Partners

In this section
Private Equity in CEE: Creating Value and Continued Growth Image

Private Equity in CEE: Creating Value and Continued Growth

11 Feb 2021
Invest Europe

The report offers an in-depth study of private equity’s role in innovation and economic development across Central and Eastern Europe through detailed case studies of companies backed by private equity investors during 2015-2019.

Download PDF 8.26 MB
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