GeoPost moves in on Spanish Seur heartland
GeoPost is to take a significant stake in Spain’s leading courier and express network Seur (Servicio Urgente de Transporte).
The 60percent stake in Seur’s Madrid franchise accounts for around 20percent of the network’s overall business.
The coup by the French post office’s parcels and express arm marks another twist in the battle to gain a foothold in the Seur network.
Last month, Seur’s founder, Justo Yufera, agreed to sell his Madrid franchise to US investment groups Bridgepoint and JPMorgan Partners.
But the deal was scuppered when 62 other franchisees, who own the remaining 78.8percent of Seur’s capital, decided to lever a “first refusal” option to acquire the stake as part of an alliance with GeoPost.
No figures have been disclosed on the cost of GeoPost’s stake, but reports from Spain put it at between and t130m.
Seur’s executive VP, Ramon Mayo, said: “The arrival of GeoPost is, without doubt, synonymous with progress in the development and consolidation of Seur.
“For us, GeoPost is a strategic partner, with a strong position in the major European markets and access to a worldwide network.” Some view the tie-up with Seur as an attempt to make up for the failure of La Poste’s strategic alliance with its Spanish counterpart, Correos, which now has full control of Chronoexpres, a JV company in which the French postal utility had a 43percent stake.
Seur claims a 45percent share of the Spanish market and posted a 2003 turnover of almost t500m, a rise of nearly 10% on the previous year.
The franchise network has 330 sales outlets in Spain and Portugal, a road fleet of 4,000 vehicles and 8,000 staff.
