News / Belgium's Bpost will boost logistics ambitions with Staci takeover

Photo 249118264 © Werner Lerooy | Dreamstime.com

Belgian postal service provider Bpost is eyeing a €1.3bn ($1.41bn) acquisition of French logistics company Staci, to address the “changing dynamics of last mile delivery”.  

Bpost admitted yesterday that it had faced structural challenges in recent years and was looking to transform its business model.  

It reported a 20%-25% profit margin between 2010 and 2016, with an ebit of around €450m-€500m, but since 2017 its margin has shrunk, to 6%-8%, with an ebit of €250m-€350m. 

Bpost blamed a “structural decline of mail activities, not fully compensated by strong growth on parcel business”, despite its continued strong market position in Belgium. The firm was concerned that a volatile market and limited integration might affect future performance, especially in a consolidating market, and the acquisition of Staci would represent a significant diversification of its portfolio. 

The French contract logistics operator is active in warehousing, distribution, freight forwarding and value-added services for B2B, B2C, D2C and e-commerce. In 2023, it posted €771m in revenues with a 14% margin. 

It is majority owned by French investment house Ardian, which acquired its stake for €600m, according to S&P Global Market Intelligence data, in a 2019 deal in which Staci’s management took a minority stake with backing from French bank Societe Generale.  

Bpost wants to buy Ardian’s stake, in a deal that would see Staci’s management team, led by CEO Thomas Mortier, “reinvest alongside Bpost” and remain with the company.  

“The acquisition of Staci is a major step in Bpost’s transformation journey, moving from postal player to international third-party logistics provider, with a strong focus on flexible, high-value logistics,” said Bpost. 

Mr Mortier said: “The transaction would allow Staci to continue its growth within a solid group that has acknowledged our expertise and the quality of our services. It would enable Staci and Bpost to combine their strengths and complementarities to offer the best and most innovative multi-channel logistics service.”  

The deal is subject to regulatory approval and is expected to complete in October.

Meranwhile, Bpost indicated it was looking for further takeover targets. 

It said: “Beyond the current transaction, Bpostgroup aims at pursuing an ambitious transformation to further position the group as a regional leader in high-value flexible logistics.” 

The group is not new to M&A, and most recently acquired French delivery company IMX, in 2021. Since 2010, Bpost has also acquired logistics players such as Landmark Global, Dynagroup, FDM, Apple Express, Radical, Leen Menken and Active Ants.  

The Belgian government has a 51% majority share of Bpost, the remainder split in free float among various investors, with Vanguard Group, Schroder Investment and Dimensional Fund among the largest shareholders.