GeoPost buys another Seur franchisee
GeoPost, the La Poste Group express subsidiary, has continued its expansion in Spain with the acquisition of another franchisee of leading express firm Seur.
GeoPost-Seur, the French-Spanish joint venture, bought the franchisee in the Granollers region, near Barcelona, for an undisclosed sum, Spanish media reported citing a company press release. The Granollers company, Osvalma S.A., with about 60 employees, has annual turnover of about euro 20 million.
This is the sixth acquisition of a Seur franchisee and leaves GeoPost-Seur, in which GeoPost holds 60%, with an unchanged stake of 18.68% in the overall Seur Group. Most of the other Seur franchisees comprise the remaining group’s shareholders but Osvalma did not own any Seur shares.
Seur, with turnover of euro 574 million in 2005, is one of the leading express companies in Spain, which is one of the five largest CEP markets in Europe and is growing at a strong single-digit rate, according to CEP-Research information.
