Bulgarian parcels market leader Speedy wants to take over smaller rival Rapido, strengthening the DPD regional partner’s market position and potentially leaving DHL Parcel searching for a new partner in the South-East European country.
Local media reported last week that Speedy has started talks to buy 100% of Rapido for between €6 million and €12 million. The final price will depend on Rapido’s financial results, and the deal will need approval by the Bulgarian competition authority.
Speedy, which has expanded rapidly in recent years, is the DPD franchisee for Bulgaria, Romania and, since last year, for Greece. GeoPost has a 25% stake in the listed company with an option to buy a majority stake in 2020.
In 2017, Speedy increased revenues by 7.2% to 159 million lev (€81 million) and delivered 26 million parcels, a rise of 5.3% on the previous year. The company, with more than 1,100 employees and more than 700 vehicles, claims to have a 32% share of the Bulgarian parcels market.
For its part, Rapido, which joined DHL Parcel’s European partner network last year, has created a nationwide network in Bulgaria and delivered more than 3 million shipments in 2016.
Another major player in the Bulgarian market is M&BN, a subsidiary of Austrian Post.
