Belgian postal service provider Bpost is considering a €1.3bn ($1.41bn) acquisition of French logistics company Staci in response to the evolving landscape of last-mile delivery. Bpost has acknowledged challenges in recent years and is seeking to revamp its business model. The company’s profit margin significantly decreased from 2010 to 2016, with a further decline since 2017. This decline is attributed to a decrease in mail activities that have not been fully offset by growth in parcel business. Bpost, despite its strong market presence in Belgium, is concerned about market volatility and limited integration affecting future performance. The acquisition of Staci would bring diversification to its portfolio.
Staci, a French logistics operator, is involved in various logistics services for businesses and e-commerce, with revenues of €771m and a 14% margin in 2023. Majority-owned by French investment firm Ardian, Staci’s management team is led by CEO Thomas Mortier. Bpost aims to acquire Ardian’s stake in Staci, with the management team reinvesting alongside Bpost. This acquisition is seen as a significant step in Bpost’s transformation into an international logistics provider.
The deal is pending regulatory approval and is anticipated to be finalized in October. Bpost has indicated its interest in further acquisitions to strengthen its position in high-value flexible logistics. The company has a history of mergers and acquisitions, including the recent purchase of French delivery company IMX in 2021. The Belgian government holds a 51% majority share in Bpost, with the rest divided among various investors like Vanguard Group, Schroder Investment, and Dimensional Fund.
