Swiss Post to “focus on our services in our core business”
Swiss Post has decided to sell its subsidiary Swiss Post Solutions (SPS).
AS Equity Partners, based in Freienbach (canton of Schwyz) and London, will take over the Swiss Post subsidiary. SPS is a provider of business process outsourcing solutions and innovative document management services.
SPS’s growth has focused on customers in Europe, Asia and the USA in recent years. By contrast, Swiss Post wants to focus on services relating to its core business – always with the goal of developing the public service for Switzerland from its own resources. Swiss Post is selling SPS at an enterprise value of 375 million francs.
Roberto Cirillo, CEO of Swiss Post commented: “We didn’t take this decision lightly. SPS is a well established and successful company. However, it does not fit in with the consistent implementation of our strategy, which focuses on investment and growth that clearly prioritizes our core businesses of logistics and communication. Here, we are systematically pursuing the goal of financing and developing the public service in Switzerland from our own resources. SPS does not provide any universal services and is increasingly growing overseas. This also requires investment. This is why we firmly believe that AS Equity Partners is a more suitable partner to ensure that SPS will enjoy a successful future, while allowing us to focus on our services in our core business.”
Swiss Post Solutions (SPS) has a 7,800-strong workforce serving customers in over 20 countries worldwide. Its staff will be taken on by AS Equity Partners. SPS’s portfolio includes business process outsourcing solutions and innovative document management services. Its customers include banks, insurance companies, telecommunications providers and companies in the healthcare sector.
The contract of sale was signed on 17 December 2021. The effective takeover will be completed in the following months, subject to the fulfilment of regulatory provisions and completion conditions . SPS will be sold at an enterprise value of 375 million francs. The new owner may continue to use the acronym “SPS”. The logo featuring the Swiss Post colours and the cross as well as the name “Swiss Post Solutions” can continue to be used for a transition period up until the end of 2022. The transaction includes all management and all active SPS employees of SPS Holding Ltd and their Swiss and international branches and companies.
AS Equity Partners primarily invests in software and technology companies. Unlike traditional private equity investors, AS Equity Partners primarily supports companies through its vast operational expertise. The founders are highly regarded industry veterans with several decades of experience in the sector. “We look forward to ensuring SPS’s successful long-term development together with its employees. We believe SPS has huge potential in international markets and want to support the company in taking these steps towards growth,” says Andreas Schulte, founder and managing partner of AS Equity Partners.