British private equity company Doughty Hanson has bid more than €500 million to buy a 52% majoritystake in leading Spanish express parcels operator Seur in an offer valuing the company at about €1
billion, it was reported today. DHL and UPS were apparently also interested in the company.According to Spanish business newspaper Expansión, the UK financial investor has made theoffer to a group of Seur franchisees who have decided to sell off their shareholdings in the group.The offer, valuing the whole company at €1 billion, is thus worth about €520 million.
Expansión, citing market sources, described the bid as “friendly” and said that DoughtyHanson was ready to work with other Seur shareholders, including La Poste subsidiary GeoPost, whichowns a 19.6% share in the group.
The other Seur shareholders now have 45 days to decide whether to exercise their right toblock the bid with a counter-offer of at least the same size, the newspaper wrote. Sources close toLa Poste said that no decision has yet been taken about this, it added.
Seur, with revenues of €665 million last year, has a complex, decentralised ownershipstructure comprising regional franchisees who also own small stakes in the parent company Seur SA.Seur has 85 franchisees in total controlled by 54 companies. The franchisees seeking to sell theirholdings represent 52% of Seur capital, 65% of the franchises by number, and generate 56% of grossprofits, according to the newspaper.
