Financial investor bids over EUR 500m for Seur controlling stake

British private equity company Doughty Hanson has bid more than EUR 500 million to buy a 52 pct majority stake in Spanish express parcels operator Seur in an offer valuing the company at about EUR 1 billion. DHL and UPS were apparently also interested in the company.
According to Spanish business newspaper Expansión, the UK financial investor has made the offer to a group of Seur franchisees who have decided to sell off their shareholdings in the group. The offer, valuing the whole company at EUR 1 billion, is thus worth about EUR 520 million.
Expansión, citing market sources, described the bid as “friendly” and said that Doughty Hanson was ready to work with other Seur shareholders, including La Poste subsidiary GeoPost, which owns a 19.6 pct share in the group.
The other Seur shareholders now have 45 days to decide whether to exercise their right to block the bid with a counter-offer of at least the same size, the newspaper wrote. Sources close to La Poste said that no decision has yet been taken about this, it added.
Seur, with revenues of EUR 665 million last year, 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. The franchisees seeking to sell their holdings represent 52 pct of Seur capital, 65 pct of the franchises by number, and generate 5 pct of gross profits, according to the newspaper.

British private equity company Doughty Hanson has bid more than EUR 500 million to buy a 52 pct majority stake in Spanish express parcels operator Seur in an offer valuing the company at about EUR 1 billion. DHL and UPS were apparently also interested in the company.

According to Spanish business newspaper Expansión, the UK financial investor has made the offer to a group of Seur franchisees who have decided to sell off their shareholdings in the group. The offer, valuing the whole company at EUR 1 billion, is thus worth about EUR 520 million.

Expansión, citing market sources, described the bid as “friendly” and said that Doughty Hanson was ready to work with other Seur shareholders, including La Poste subsidiary GeoPost, which owns a 19.6 pct share in the group.

The other Seur shareholders now have 45 days to decide whether to exercise their right to block the bid with a counter-offer of at least the same size, the newspaper wrote. Sources close to La Poste said that no decision has yet been taken about this, it added.

Seur, with revenues of EUR 665 million last year, 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. The franchisees seeking to sell their holdings represent 52 pct of Seur capital, 65 pct of the franchises by number, and generate 5 pct of gross profits, according to the newspaper.