Polish-based parcel lockers company easyPack, best-known under the InPost brand, has raised a further €115 million for the next stage of its expansion strategy in Europe and overseas.
Parent group Integer.pl announced that global asset manager Templeton Strategic Emerging Markets and Polish insurance company PZU will join the shareholder base and contribute to a combined €81.7 million equity investment in easyPack, which it described as “the global leader in automated services for e-commerce and the owner of the world's largest parcel lockers network”.
In parallel, Polish state-owned bank BGK is providing a US$36.7m debt arrangement specifically focused on the roll-out of parcel locker machines in Canada.
The investment proceeds will be used to accelerate the expansion of parcel locker networks in international markets. Integer.pl said that easyPack expects to have over 5,000 InPost lockers across Europe, North America and the Middle East by the end of 2015, and will have funds to develop an additional 4,000 terminals from this investment round.
Integer.pl Group and PineBridge Investments set up easyPack in 2012, with an initial combined investment of €108 million. At the time, the company was aiming to roll out up to 16,000 parcel terminals in Europe and other markets by the end of 2016.
At present, there are more than 4,000 InPost APMs (Automated Parcel Machines) in operation around the world. This includes about 1,100 in Poland, where volumes doubled last year, over 1,000 in the UK, about 340 ‘Qiwi Post’ machines in Russia, several hundred terminals in Italy, and smaller numbers in markets such as the Czech Republic, Hungary and Slovakia.
The Polish group stressed that InPost parcel lockers “provide significant last mile cost advantages, and offer consumers a unique and efficient user experience” and added: “The InPost parcel locker machines have been extremely well-received by online shoppers across Europe, and are now considered as a standard delivery alternative.”
Prior to the latest financing round, Integer.pl owned 53.7% of easyPack while PineBridge held 46.3%. The Polish group said in March that it is working “intensively” towards an IPO for InPost on the Warsaw Stock Exchange.
“We are pleased to announce the closing of this second round of funding for easyPack aimed at bringing the InPost parcels locker solution to even more locations globally,” said Rafal Brzoska, Integer.pl Group, CEO. “We believe that these funds will help accelerate the growth of the business and take the company to the next level on its road to become a global platform for automated parcel delivery services. We also welcome new and reputable partners as shareholders and look forward to our cooperation.”
“EasyPack’s parcel locker solution demonstrated a strong growth with e-commerce companies in Poland. We look forward to being a part of the company’s continued growth and profitability in other markets as well,” commented Matjaz Schroll, TSEMF IV, Head of Private Equity Central & Eastern Europe. “As part of PZU group’s strategy, we are excited to support innovative Polish companies that are global leaders in their sectors. Moreover, we regard the accelerating global expansion of easyPack as based on a proven business model and innovative, user friendly technology” commented Rafal Ryba, PZU Investment Director.
“BGK is aiming to be the first choice bank to partner ambitious investment targets of Polish entrepreneurs and business champions. We are happy we could deliver a US$36.7m loan to InPost Canada,” said Dariusz Kacprzyk, BGK’s CEO. Pierre Mellinger, PineBridge Investment, Managing Director, commented: “PineBridge is enthusiastic that easyPack will further strengthen its leadership position in the market. This new round of investment is a recognition of the demand in the marketplace for its innovative B2C solutions globally.”
In 2014, Integer.pl increased its revenues by 74% to PLN 604 million (€148.6m) thanks to expansion of the easyPack/InPost lockers network, and reported operating profits (EBITDA) of nearly PLN 35 million (€8.6m).
