A group of Seur franchise owners is ready to sell their holdings which add to up to a majoritystake in the leading Spanish parcels company, according to media reports. DHL, UPS and investment
funds are reportedly interested but existing shareholders, including GeoPost, have the right tooutbid them.The group of franchisees represents 52% of the capital of the parent company, Seur SA, 65% ofthe franchises by number, and generate 56% of gross profits, Spanish newspapers Expansión and ElMundo reported. The regional operators have jointly commissioned investment bank Arcano to seekoffers for their shareholdings. International equity funds and multinationals such as DHL and UPSare interested parties, Expansión wrote.
The express parcels group has a complex, decentralised ownership structure comprisingregional franchisees who also own small stakes in the parent company Seur SA. Seur has 85franchisees in total controlled by 54 companies. More than 75% of these owners are among theprospective sellers, according to the newspapers.
The largest single shareholder is GeoPost, the French La Poste subsidiary, which has built upa 19.6% stake in the parent company in recent years by gradually acquiring individual franchiseesthrough the joint venture Seur-GeoPost.
Seur president Manuel Valle told Expansión that GeoPost, which he described as a “strategicpartner”, and other existing shareholders are ready to exercise their right of first option on theshares. He stressed that any shareholder changes would not have any impact on the operator’soperations and services.
In a company statement, Seur reiterated that the right of first refusal on any shareholdershares being sold meant that it would have preference over any outsider buyer as long as it matchedtheir offer. The head office had not been officially informed by any shareholder that it wanted tosell its holding, it added.
In 2007, Seur increased its revenues by 7.5 % to €665 million but is targeting lower growthof 6.25% this year due to a slowdown in the Spanish market.
