Parcel locker company InPost said on Tuesday it has bought out all the stake it did not already own in British logistics company Menzies Distribution, as it scales up its operations in the country.
The company said it bought 70% stake in Menzies for £60.4 million (€72.3 million) in cash.
It had previously bought a 30% stake in July 2023 for £49.3 million (€59 million).
Retains MDS Stake
The deal concerns Menzies' Express and Newstrade segments, although Menzies Distribution Services (MDS) was demerged from Menzies and not part of it.
InPost will retain the 30% stake it owns in MDS, it said.
InPost has been focusing its expansion in Britain's urban centres of London, Manchester and Birmingham, and said the partnership with Menzies gave it access to countrywide distribution.
Strong Results
The deal will not have a significant impact on InPost's leverage ratio, it said in a statement.
In Q2 2024, InPost Group reported strong results, showcasing steady growth across its operations.
The company's continued expansion into international markets was deemed critical to this success.
The Group parcel volume reached 264.4 million, representing a significant year-on-year increase of 23%.
Both Poland and InPost’s international markets contributed to this growth, recording 20% and 29% year-on-year improvements, respectively.
The Group’s total network of out-of-home points reached 73,636, and Automated Parcel Machine (APMs), exceeded 40,000 for the first time (+29% year-on-year). This equates to nearly 5 million lockers.
Additional reporting from ESM.
