GeoPost has acquired four more franchises of Spanish express parcels operator Seur to increase itsstake in the company to 27%.
The franchises include operations in Vallés (Barcelona), Ourense and Lugo in Galicia andSegovia in Castille-León with combined annual sales of about €24 million.
The acquisitions reinforce the shareholders’ agreement reached in 2008 with severalfranchisees of the Seur network allowing GeoPost to control the majority of Seur’s capital.
“Through these acquisitions, GeoPost is confirming its position as a partner focused on along-term development strategy. Additionally, the purchase of Parcel Vallès SA also allows us toconsolidate our presence in the Barcelona area where we are already established through the BaixLlobregat and Granollers franchises,” commented Yves Delmas, CEO of SEUR GeoPost.
The transaction is part of a long-term strategy based on the industrial partnership initiallysigned in 2004 with GeoPost now owning 17 Seur franchises. In 2004, GeoPost acquired Seuroperations in Madrid and added Bilbao, Saragossa and Soria to its network in 2005. Baix Llobregat,Gerona and Granollers were acquired in 2006 and Santander in 2007. In April 2009, GeoPost boughtfive more regional franchises in Albacete, Cordoba, Palencia, Teruel and Cartagena.
The change in shareholders will not affect in any way the managerial structure as Seur andGeoPost share the same objectives and strategies as part of the common project, Spanish mediareported.
