Seur franchise owners reportedly ready to sell
A group of Seur franchise owners is ready to sell their holdings which add to up to a majority stake in the leading Spanish parcels company, according to media reports. DHL, UPS and investment funds are reportedly interested but existing shareholders, including GeoPost, have the right to outbid them.
The group of franchisees represents 52 pct of the capital of the parent company, Seur SA, 65pct of the franchises by number, and generate 56 pct of gross profits, Spanish newspapers Expansión and El Mundo reported. The regional operators have jointly commissioned investment bank Arcano to seek offers for their shareholdings. International equity funds and multinationals such as DHL and UPS are interested parties, Expansión wrote.
The express parcels group has a complex, decentralised ownership structure comprising regional franchisees who also own small stakes in the parent company Seur SA. Seur has 85 franchisees in total controlled by 54 companies. More than 75pct of these owners are among the prospective sellers, according to the newspapers.
The largest single shareholder is GeoPost, the French La Poste subsidiary, which has built up a 19.6 pct stake in the parent company in recent years by gradually acquiring individual franchisees through the joint venture Seur-GeoPost.
Seur president Manuel Valle told Expansión that GeoPost, which he described as a “strategic partner”, and other existing shareholders are ready to exercise their right of first option on the shares. He stressed that any shareholder changes would not have any impact on the operator’s operations and services.
In a company statement, Seur reiterated that the right of first refusal on any shareholder shares being sold meant that it would have preference over any outsider buyer as long as it matched their offer. The head office had not been officially informed by any shareholder that it wanted to sell its holding, it added.
In 2007, Seur increased its revenues by 7.5 pct to EUR 665 million but is targeting lower growth of 6.25 pct this year due to a slowdown in the Spanish market.
