Private equity firm Mid Europa Partners agrees to offload Cargus, a Romanian courier service provider, to an undisclosed buyer.
Revised Article
Here's the scoop on the latest shake-up in the Romanian courier market. The private equity heavyweight Mid Europa Partners has agreed to sell Urgent Cargus, the second-biggest player in the game, to none other than Sameday – a courier company under the same umbrella as online retail giant eMAG.
Sources close to the deal have spilled the beans that Sameday is aiming to dominate the Balkan courier scene with this acquisition. But things aren't getting stamped and delivered just yet, as the deal is still waiting on approval from the competition authority.
Sameday ain't no small fry in the same-day delivery segment. They're owned by Dante International, the mastermind behind eMAG, and with a 94.51% stake held by Dante, Lucian Baltaru, the company's boss man, owns the rest.
Now, Sameday has a revenue twice as hefty as Cargus – a company that's been hemorrhaging capital in recent years. Insiders believe that the acquisition is about bolstering delivery capacity for surging online orders.
A glance back shows that Mid Europa scooped up Cargus in 2019 from Abris Capital Partners. At the time, Profit.ro estimated the deal at around €150 million.
[1] This merger could significantly alter the competitive landscape of the Romanian courier market, potentially boosting operational efficiency and service integration in the fast-growing e-commerce and logistics sectors.[2] Sameday reported a net profit of RON 21.4 million last year, a stark contrast to its loss of RON 14.7 million in 2023, with overall business soaring to RON 1.19 billion – a 33.7% increase from 2023.[3] This acquisition marks Mid Europa's full withdrawal from the Romanian market, as Cargus was their last remaining asset in the country.
So, keep your eyes peeled for updates on this high-stakes deal, as the future of courier competition in Romania hangs in the balance!
- The acquisition of Urgent Cargus by Sameday, a move backed by Mid Europa Partners, is expected to reshape the competitive landscape in the Romanian courier industry, potentially enhancing operational efficiency and service integration within the fast-growing e-commerce and logistics sectors.
- With the sale of Urgent Cargus, Mid Europa Partners is fully exiting the Romanian market, indicating a strategic shift in their investment focus from the local business and finance sector to other opportunities.
