June 6 (SeeNews) - Bulgarian e-commerce logistics services provider euShipments said on Tuesday that it completed its second acquisition by taking a majority stake in Romanian e-fulfilment provider Helpship.
The move aims to strengthen euShipments' position and services in Romania and Central Europe, making use of the country's strategic location and its exponential growth of online sales in recent years, euShipments said in a press release, without disclosing the financial parameters of the transaction.
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The acquisition also enables Helpship to fulfil e-commerce cross-border deliveries from any e-shop address in Romania, regardless of its location.
The deal is part of a broader mergers and acquisitions (M&A) strategy to internationalise euShipments by establishing leading positions in key markets in the Central and Eastern Europe. This expansion strategy is backed by Sofia-based private equity firm BlackPeak Capital, which in early 2022 invested up to 7.5 million euro ($8 million) in the Bulgarian logistics firm from its second fund, BlackPeak Southeast Europe Growth Equity Fund.
“The business ideology of euShipments.com is to solve the logistics problems of online merchants. Therefore, it is important for us to follow the path of shipments and improve our operations in strategic places. Helpship as a high-quality fulfilment operator, together with its extremely favourable location, is a perfect fit for our business development purposes. With the financial support and mentorship of BlackPeak Capital, this acquisition allows us to position ourselves strongly “at the gateway between Eastern and Western Europe", which is an invaluable advantage for our international eCommerce customers,” euShipments co-founder and CEO Svetlozar Dimitrov said.
Founded in 2019, Helpship is a fulfilment service provider with a warehouse in Oradea, Romania, close to the Romanian-Hungarian border. The company handles over 80,000 online orders per month.
Ruse-based euShipments operates 12 fulfilment centres and has a network across 27 European countries, enabling faster delivery times and reduced prices for online stores in Central Europe. At the end of last year, the company acquired a majority stake in Croatian fulfilment and logistics company Pick & Pack.
($ = 0.9355 euro)