11-Jun-2021

goetzpartners advised InPost S.A.

Deal announcement

goetzpartners advised publicly listed polish InPost S.A. on the proposed acquisition of Mondial Relay from Otto Group

goetzpartners advised InPost S.A. ("InPost"), a leading e-commerce enablement platform based in Poland, on the proposed acquisition of Mondial Relay S.A.S.U. ("Mondial Relay"), a leading French out-of-home delivery provider, for a transaction value of €565 million (approximately PLN 2.5 billion) in cash from the leading German retail e-commerce company Otto Group.

Mondial Relay is a leading out-of-home delivery player in the European market with approximately 15,800 PUDO points across France, Benelux, and Iberia (as of February 2021) and serviced 131 million parcels (LTM December 2020). The Company operates the second largest Pick-up Drop-off (“PUDO”) network in France via a network comprising 24 depots and 4 hubs and around 11,000 PUDO points (as of February 2021), making it the largest independent PUDO player by volume in the country. In the twelve months to December 31, 2020, Mondial Relay achieved revenues of €437 million and Operating EBITDA of €60 million.

The acquisition allows InPost, which recently went public at the Euronext exchange in Amsterdam, to take a major step in its ambition to become Europe’s leading out-of-home automated solution for e-commerce furthermore securing immediate footprint in one of Europe’s largest and most attractive e-commerce markets with a strong foundation for accelerated growth. In addition to the enhanced scale and diversification benefits of the acquisition, the Company sees significant opportunity to accelerate Mondial Relay's growth and create shareholder value with €100-150 million of incremental EBITDA enhancements identified over the medium term.

Rafal Brzoska, Founder and CEO of InPost, comments:
“As we outlined during our recent IPO, international expansion is a key element of InPost's growth strategy and Mondial Relay would give us an immediate footprint in one of Europe’s largest e-commerce markets, providing multiple levers to accelerate our overall growth and create shareholder value.
Mondial Relay’s extensive network of approximately 16,000 pick-up and drop-off points fits perfectly with our innovative APM solutions, and we see significant opportunity for the combination to unlock untapped demand and re-define the last mile delivery experience for consumers. This acquisition will make InPost the leading Pan-European out-of-home solution for e-commerce, significantly accelerating the benefits of our APM flywheel to consumers, merchants, business partners and the environment.”

Following the announcement of the unconditional approval from the European Commission on May 28, 2021, the transaction is expected to be completed on or about July 1, 2021.

goetzpartners acted as a M&A buy-side adviser to InPost. This transaction further underlines our competence as adviser of choice in the logistics industry and demonstrates our ability to achieve outperforming process tactics for our customers. We are pleased by the successful outcome amidst the COVID-19 pandemic.

About Mondial Relay
Founded in 1997, Mondial Relay S.A.S.U. ("Mondial Relay") is a leading out-of-home delivery player in the European market with approximately 15,800 PUDO points across France, Benelux and Iberia (as of February 2021) and serviced 131 million parcels (LTM December 2020). Mondial Relay operates the second largest Pick-up Drop-off (“PUDO”) network in France via a network comprising 24 depots and 4 hubs and around 11,000 PUDO points (as of February 2021), making it the largest independent PUDO player by volume in the country. Mondial Relay supports many of the largest e-commerce marketplaces in France, as well as individual merchant retailers. Outside of France, it operates a network of approximately 4,800 PUDO points across Benelux and Iberia (as of February 2021), integrated within the broader France network. In the twelve months to 31 December 2020, Mondial Relay achieved revenues of €437 million and Operating EBITDA of €60 million.

About InPost S.A.
InPost S.A. (“InPost”) is the leading e-commerce enablement platform based in Poland. Founded in 1999 by Rafal Brzoska in Poland, InPost provides delivery services through its network of more than 12,000 Automated Parcel Machines (“APMs”), including over 1,100 in the UK.

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Dr. Stephan Goetz
Managing Partner
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