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(Sharecast News) - International Distribution Services - the parent company of Royal Mail - said on Monday that subsidiary GLS has agreed to buy a 20% stake in Greek courier firm ACS Postal Services from Quest Holdings for 74m (62m).
ACS is the largest parcel carrier in the domestic Greek parcels market and serves more than 30,000 customers. Its network provides 100% coverage across mainland Greece and the Greek islands, and is comprised of over 271 ACS outlets operated by exclusive independent agents offering "competitive and flexible" collection and delivery services, 269 parcel shops and eight hubs.
In the 12 months to the end of June 2024, the business generated revenue of about 155m and adjusted EBITDA of approximately 29m.
ACS has been operating as the GLS network partner in Greece since 2004.
IDS said the investment in ACS is consistent with GLS' strategy to strengthen its parcel operations, including within the cross-border deferred segment.
GLS has also secured a call option to acquire the remaining 80% of the share capital of ACS within two years.
IDS chief executive Martin Seidenberg said: "ACS represents a significant and rare opportunity to invest in a leading independent carrier in Europe, which fully supports GLS' strategy.
"We are committed to building on GLS' history of successful organic and inorganic growth in Europe and this investment will improve our service offering in the largest market within the EU which is not served by the GLS network today."
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