September 27 (SeeNews) - Private equity firm Mid Europa Partners has bought Romanian courier services provider Urgent Cargus from Polish fund Abris Capital for an undisclosed sum, deal advisor Clifford Chance Badea said on Thursday.
As a trusted advisor of Abris Capital Partners since 2013, Clifford Chance has been advising the fund on all its investments in Romania, including the successive acquisitions in the courier industry - Cargus from DHL/Deutsche Post, and the portfolios of TCE Logistica, CRX and Otto Curier in 2013, followed by Urgent Curier in 2014, Clifford Chance Badea said in a statement.
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"This has probably been one of the most anticipated exits in the Romanian market, and, as such, it involved a significant amount of preparation, evaluation, and negotiation work for all parties involved. The successful result reflects the exceptional professionalism of all teams, who brought to the table the best practices of the industry, their determination and good will," said Mihai Macelaru, lead counsel for the deal.
In August 2017, Urgent Cargus contracted a syndicated loan worth 134 million lei ($34 million/ 29 million euro) from local lenders Banca Comerciala Romana (BCR) and OTP Bank to use for its development and to partially refinance existing loans.
Urgent Cargus was created in 2014 after Abris Capital bought local company Urgent Curier and merged it with the previously owned firm Cargus.
With more than 1,100 employees, Urgent Cargus operates a fleet of 2,600 vehicles and carries 32 million parcels every year.
Mid Europa is a buyout investor focused on the growth markets of Central and Eastern Europe and Turkey. Last year, the fund acquired Romanian private healthcare services provider Regina Maria and Romania's largest supermarket chain, Profi Rom Food.
Abris Capital Partners is a private equity fund focused on opportunities for mid-market investments in major countries in Central and Eastern Europe. Established in 2007, Abris manages two equity funds of more than 1.2 billion euro.
(1 euro =4.6605 Romanian lei)