GeoPost, the La Poste Group express subsidiary, has continued its expansion in Spain with theacquisition of another franchisee of leading express firm Seur.
GeoPost-Seur, the French-Spanish joint venture, bought the franchisee in the Granollersregion, near Barcelona, for an undisclosed sum, Spanish media reported citing a company pressrelease. The Granollers company, Osvalma S.A., with about 60 employees, has annual turnover ofabout €20 million.
This is the sixth acquisition of a Seur franchisee and leaves GeoPost-Seur, in which GeoPostholds 60%, with an unchanged stake of 18.68% in the overall Seur Group. Most of the other Seurfranchisees comprise the remaining group’s shareholders but Osvalma did not own any Seur shares.
Seur, with turnover of €574 million in 2005, is one of the leading express companies inSpain, which is one of the five largest CEP markets in Europe and is growing at a strongsingle-digit rate, according to CEP-Research information.
