Concorde Courier, a domestic and local (Bucharest) courier company plans to complete the sale process within approximately two months, because it can no longer sustain the significant growth it is witnessing with suitable investments. Thus, the sale of Concorde Courier marks the start of transactions on the courier market.
"We decided to sell the business because of the very high growth we registered, which entails significant investments," Dutu Radu Victorino, the company's general manager and sole shareholder told ZF.
Concorde Courier closed last year with turnover worth 2.1 million euros, triple the figure posted in 2005. The surge in turnover occurred as a result of both the increase in the number of clients and the growth of the market. The courier market is still one of the most dynamic markets, reporting over 30% rise every year. However, the fast growth entails considerable investments.
The broker of the sale is investment fund Enterprise Capital, which has already received a series of offers for Concorde, according to the company's majority shareholder. The company will be most likely sold through a tender, Dutu Radu Victorino also said. On the other hand, Enterprise Capital representatives could not be contacted for further information.
Concorde's general manager does not rule out the possibility to sell only part of the company.
The company estimated the turnover would rise by at least 50% to 3 million euros this year, according to the latest financial reports. The local courier services currently account for 35% of Concorde's turnover, but the company plans to change this ratio and derive 20% of the turnover in Bucharest and 80% in the rest of the country.
Concorde Courier competes on the local market with Pegasus and Alo Curier. Curiero, which provides domestic courier services, entered the local courier market last year.
Curiero and TCE Logistica also negotiated a potential sale. Both companies postponed the transaction, because they believed they still had growth potential. Curiero saw its turnover double last year to 8 million euros, while TCE Logistica estimated this year the turnover would rise by some 40% to 9 million euros.
Taking the other countries' example, such as Hungary, the domestic courier companies will either merge or be purchased by strategic investors in the coming years.
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