GLS buys Spain’s ASM
General Logistics Systems (GLS) has bought the Spanish express parcel delivery company, ASM Transporte Urgente. In a statement sent to Post&Parcel today, the company said that the acquisition of ASM will provide GLS Spain with “significantly enhanced size and scale”. GLS Spain largely operates in the export market, with international connections through the GLS network, and ASM will strengthen its domestic offering.
ASM is Spain’s second biggest express parcels network, with 16 hubs and branches and more than 1,500 daily distribution routes. Operating mainly in the business-to-consumer (B2C) segment, it accounts for around 10% of Spain’s domestic parcels market and delivered 25 million parcels last year.
ASM generated revenue of about €78m in 2015 and the total consideration for the acquisition is around €71m. “Given the potential synergies,” said the GLS statement, “the transaction is expected to be economic profit accretive for GLS in 2018-19.”
Rico Back, Chief Executive Officer of the GLS Group, said: “ASM is a great strategic fit for GLS. It gives GLS Spain a significantly increased footprint in both size and scale. The combination of ASM and GLS Spain means customers can benefit from a high-quality, express parcels service within Spain, and also in the growing cross-border market.”
