La Poste’s international parcel and express group GeoPost has increased its stake in Spanish express company SEUR to 55% by acquiring a number of its franchises.
Madrid-based SEUR, which handles around 50m shipments a year, said the move is another step towards GeoPost being able to integrate SEUR into its international network.
The latest franchises bought by GeoPost are companies based in Zamora, Malaga, Seville and Melilla.
GeoPost has now invested EUR 380m in SEUR since it first bought into the company with a 40% stake in SEUR International secured in 2004.
The increased involvement of GeoPost comes alongside a change in leadership at the Spanish firm. Yves Delmas, previously the CEO of SEUR International and marketing/sales vice president of SEUR, has been appointed the company’s new president in place of Manuel Valle.
Alberto Navarro, previously general director, becomes chief executive.
The SEUR board has been reduced in size from 12 to nine directors, with an executive committee set up comprising five members.
SEUR said the restructuring would help the continuation of its modernisation programme and will make the most of the expertise of GeoPost.
“Land of Opportunity”
Delmas said despite the difficulties in the Spanish economy, the company saw Spain as a “land of opportunity” in which to invest.
“We have faith in the medium-term recovery and we want SEUR to be strengthened over this kind of timeline. This alliance with a major global operator will enable SEUR frontline participation in the international market, to face the future with confidence,” said the SEUR president.
SEUR’s EUR 558m turnover grew by 2% in 2011, with its international business achieving 8% growth in its EUR 75m revenues during the year, while business-to-consumer revenues grew 12% to EUR 67m as the company reached a 30% share of the Spanish market. The firm now has ambitions for e-commerce deliveries to account for a third of its total revenues, which would mean almost tripling the current level of business.
The SEUR network currently comprises a workforce of 6,600 people, fleet of 3,700 vehicles and 250 parcel shops, along with a retail presence in 1,000 convenience stores, serving around 1.2m customers.
Delmas said GeoPost’s ambitions for SEUR is not finished with its 55% stake, and that it will be continuing to explore opportunities for external growth in the future, particularly aiming to strengthen its international and business-to-consumer business.
GeoPost, which operates across Europe through brands including DPD, Chronopost, Interlink Express and Exapaq, generated a turnover of more than EUR 3.7bn in 2011, claiming a 14% share of the European transport market, managing 680m shipments a year with a workforce of more than 20,000.