euShipments acquires a majority stake in the Croatian logistics company Pick & Pack
The accelerated development of euShipments created a necessity to expand the company's operational base and fulfillment locations. In 2022 the organization doubled its capacity with a new own warehouse in Budapest, Hungary, in addition to several partner warehouses in various European locations and its main hub - in Russe, Bulgaria. Currently, euShipments’ network covers over 27 European countries and operates with 12 fulfillment centers in strategic locations across the continent, thus offering new services, optimized transit times and prices of eCommerce deliveries for Central Europe. Awarded by Forbes Bulgaria for innovation, the company also develops and operates with advanced logistics software to provide premium solutions to its international customers.
The Croatian market is a natural next step in the development strategy of euShipments, due to its fast growth, relatively unpenetrated nature, and strategic location in proximity to Slovenia, Hungary, Italy, Austria. Additionally, the recent acceptance of the Euro as well as the entry of the country in the Schengen Area, is expected to open further opportunities for growth of the eCommerce logistics sector in Croatia.
Pick & Pack is one of the leading fulfillment operators in Croatia which caters specifically to the eCommerce industry. Over the past two years, the company has grown successfully by acquiring new clients and offering a high-quality and efficient service. The company is managed by its founder, Matej Javorek, who has accumulated significant experience in the eCommerce industry in Croatia by providing a solution which responds to the main challenges in fulfillment and courier services faced by online stores in Croatia and neighboring countries. The business combination with euShipments is expected to be synergetic to both companies and thus help them to accelerate their growth by offering a better and more optimal service to partners and end clients.
This acquisition marks an important step of euShipments' expansion strategy in partnership with the growth equity fund BlackPeak Capital. Earlier in 2022, euShipments attracted an investment of up to EUR 7.5 mln from BlackPeak’s second fund – BlackPeak Southeast Europe Growth Equity Fund.
‘While in the first years of the development of euShipments, a large part of our customers was from the Balkan region - Bulgaria, Romania, Greece, today we have customers from all over Europe. With sales representatives in several countries, nowadays we can confidently define the company as international. After our partnership with BlackPeak Capital, it was only a matter of time before we made our first acquisition, which is now already a fact.' - comments the co-founder and CEO of euShipments, Svetlozar Dimitrov.
‘Our development strategy is to team up with logistics companies that already apply similar approaches and share our values and vision of success. The acquisition of Pick & Pack is a great example which will be beneficial to both companies but most importantly to our customers. Sharing resources and business knowledge will improve the quality and reliability of our service, thus establishing us as the right logistics partner of every online merchant selling in Europe’ – added the other euShipments’ co-founder Lora Dimitrova.
‘I have been the owner of several online stores, and I know firsthand what problems the people from this industry are facing. For this reason, I started a fulfillment company to help others and make their process easier. When getting in touch with euShipments, I realized that becoming part of their business and using their experience is the best next level of development for Pick & Pack.’ - shares Matej Javorek, founder of Pick & Pack.
Advisors to the deal were TPA Croatia as a Financial & tax due diligence provider, while legal counseling was ensured by Schoenherr.