Adenia acquires South African delivery company The Courier Guy
Adenia acquires South African delivery company The Courier Guy
Adenia Partners, alongside its co-investors, has acquired 100% of The Courier Guy.
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Private equity firm Adenia Partners has acquired 100% of The Courier Guy, a last-mile delivery and express parcel services company in South Africa, alongside co-investors DEG, Proparco, and South Suez. This acquisition marks the second investment of Adenia’s fifth flagship fund, Adenia V. Financial terms of the transaction were not disclosed.
The Courier Guy has an extensive network of delivery partners, kiosks, and more than 1,200 smart lockers across the country.
According to Adenia, there are significant growth opportunities within South Africa’s last-mile delivery sector, driven by the exponential growth of e-commerce and the introduction of global marketplace giants to the country. South Africa’s e-commerce market is expected to reach US$16.3 billion by 2030, with an annual growth rate of 15%, according to a RationalStat report.
Craig Pitchers, CEO of The Courier Guy, commented, “Partnering with Adenia and its co-investors opens up unprecedented opportunities for us to enhance our service offerings, boost operational efficiencies and accelerate our growth as we look to set new standards within the logistics sector. We can’t wait to see what the future holds for The Courier Guy as this collaboration unfolds.”
Florent de Boissieu, partner at Adenia, remarked: “The acquisition of The Courier Guy is a significant milestone for us and our esteemed co-investors, DEG, Proparco, and South Suez. It underscores our collective belief in the vast potential of the last-mile delivery sector in South Africa. Together, we are eager to further enhance The Courier Guy’s market position, stimulate innovation and expand its service offerings to meet the evolving needs of customers in South Africa and beyond.”
Debt financing for the transaction was provided by RMB, and advisors included PwC for financial and tax due diligence, Webber Wentzel for legal guidance, and EY for ESG due diligence.
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