Bulgaria's euShipments expands CEE ops in deal for Croatia's Pick&Pack

The choice of Croatia for expanding euShipments' operations was motivated by the country's proximity to Slovenia, Hungary, Italy, Austria as well as the fast rate of growth and low level of penetration of Croatia's logistics market, the Bulgarian company said in a press release.

Croatia's recent adoption of the euro is seen to open up further growth opportunities. Financial parameters of the transaction, which was completed at the end of 2022, were not disclosed. This new stage of euShipments' expansion strategy has been backed by Sofia-based private equity firm BlackPeak Capital, which in early 2022 invested up to 7.5 million euro ($8.1 million) in the Bulgarian logistics firm from its second fund, BlackPeak Southeast Europe Growth Equity Fund.

"‘While in the first years of the development of euShipments, a large part of our customers was from the Balkan region - Bulgaria, Romania, Greece, today we have customers from all over Europe. With sales representatives in several countries, nowadays we can confidently define the company as international," euShipments co-founder and CEO, Svetlozar Dimitrov, said.

Based in Zagreb, Pick & Pack specialises in complete logistics services for all categories of e-commerce, and delivers to EU countries as well as Serbia, Bosnia and Herzegovina, Montenegro, Kosovo, Albania and Ukraine, growing steadily over the past two years.

Last year, Ruse-based euShipments doubled its capacity, adding an own warehouse in Budapest, Hungary to several partner warehouses in several European locations. At present, euShipments has a network across 27 European countries and operates 12 fulfillment centres enabling it to shorten delivery times and reduce prices for online store deliveries in Central Europe.

($ = 0.9242 euro)