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Abris to sell Urgent Cargus

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Abris Capital Partners, the Central & Eastern European private equity fund manager, has sold 100% of its shares in its Romanian portfolio company, Urgent Cargus S.A., to Mid Europa Partners.

Abris CEE Mid-Market Fund II acquired Cargus in 2013, attracted by the growth potential of both the company and the sector in which it was operating. Two years later, Abris merged Cargus with one of its direct competitors, Urgent Curier, taking advantage of the synergies between the two companies and renaming the enlarged business Urgent Cargus. Through a further five bolt-on acquisitions (TCE, CRX, Otto, Sprint and X-Curier) the company successfully underpinned and further strengthened its market position.

Today, Urgent Cargus is a strong and well-established #2 player in the Romanian market with more than 2,000 couriers delivering close to 30 million parcels per year. Since the acquisition of Cargus, the management team, working alongside Abris, has increased the revenue and volumes of the business five-fold.

 “As a result of our expertise in the sector, Abris was able to realise ambitious development plans for the company, adding further value on different levels. With our support it was possible to accelerate the company’s growth by, inter alia, strengthening and expanding the management team, with significant investment in IT technology, as well as through modernising its operational infrastructure. We are delighted that the results have not only secured Urgent Cargus the long-term trust of its clients, but also validate our chosen business strategy”, sums up Adrian Stanculescu, Investment Director at Abris Capital Partners and Head of Abris Romania.

“I would consider Abris as not just partners in business with management but a key to our success. They have supported our investment proposals and strategies that have led to an impressive five-fold increase in revenues. Ultimately, we are a people company that delivers. Our culture is driven by a very strong commitment to deliver quality and our leadership position is attributable to every player in the UC team whom I wish to thank and look forward to continue to support moving forward”, said Gian Sharp, CEO of Urgent Cargus.

Yesterday’s signed agreement is conditional upon securing clearance from the Competition Council. As a result, the transaction is expected to close in Q4 2018.

Clifford Chance Badea advises Abris Capital Partners

Mihai Macelaru, lead counsel Clifford Chance

Clifford Chance Badea, the local office of global law firm Clifford Chance, has advised Polish-based private equity fund Abris Capital Partners on the sale of courier company Urgent Cargus to Mid Europa Partners.

As a trusted advisor of Abris Capital Partners since 2013, Clifford Chance has been advising the fund on all its investments in Romania, including the successive acquisitions in the courier industry – Cargus from DHL/Deutsche Post, and the portfolios of TCE Logistica, CRX and Otto Curier in 2013, followed by Urgent Curier in 2014. These deals have led to the creation of one of the largest courier businesses in Romania.

Clifford Chance Badea has also provided legal advice in the purchasing of a stake in the Pehart Tec Group, the leading tissue paper producer in Romania and the largest independent business of this type in the CEE region (2015), and the acquisition of Romanian waste-management business Green Group, a leading investor in the green industry, operating working points in Romania, as well as in Serbia, Macedonia, and Germany (2016).

Nadia Badea, partner Clifford Chance

Nadia Badea, Clifford Chance partner and coordinator of the project team, said: “We are, once again, honored to provide legal support to our long-term client, and thus contribute to another successful private equity deal for the local market. This transaction adds to a representative Private Equity portfolio for our firm, which reflects our strong focus and commitment to the industry“.

The legal team, including Mihai Macelaru (lead counsel) and Radu Costin (senior associate), has advised Abris Capital Partners throughout the entire process, including vendor due diligence, data room preparation, deal structuring, transaction documents drafting, bids evaluation and negotiations with a number of bidders.

This has probably been one of the most anticipated exits in the Romanian market, and, as such, it involved a significant amount of preparation, evaluation, and negotiation work for all parties involved. The successful result reflects the exceptional professionalism of all teams, who brought to the table the best practices of the industry, their determination and good will,” said Mihai Macelaru, lead counsel.

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