SOUTH AFRICA – Adenia Partners, a private equity firm focused on growth opportunities in Africa, has acquired 100% of The Courier Guy, a player in last-mile delivery and express parcel (CEP) services in South Africa, alongside co-investors DEG, Proparco, and South Suez.
This acquisition, made through Adenia Capital (V) LP, marks the second investment of Adenia’s fifth flagship fund, Adenia V, and demonstrates the firm’s commitment to the fast-evolving last-mile delivery landscape in South Africa. Financial terms of the transaction were not disclosed.
The Courier Guy is South Africa’s courier service with an extensive network of delivery partners, kiosks, and more than 1,200 pudo smart lockers across the country. It is at the forefront of providing innovative and customer-focused logistics solutions.
“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,” Craig Pitchers, CEO of The Courier Guy, shared his optimism about the new partnership.
Through the acquisition, Adenia will look to capitalise on the 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.
“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,” Florent de Boissieu, Partner at Adenia, said.
“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.”
With rising demand for a fast and reliable online shopping journey, the importance of trust and reliability at the final step of delivering a parcel – at the last mile – cannot be overstated.
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.
In October last year, Adenia Partners acquired a majority stake in South African rooftop solar funding solutions provider Enfin Energy Finance.
The deal represented the first investment from Adenia’s fifth flagship fund Adenia V, the buyer said without disclosing details about the purchase.
Operating mostly in the commercial and industrial sectors, Enfin offers financing and insurance solutions to businesses that turn to solar power as a way to become less dependent on grid power. The company also assists its clients in finding a building contractor and maintains the photovoltaic (PV) arrays once they are commissioned.
Enfin expects Adenia’s investment to help it enhance its services and provide better support to the commercial and industrial segments, which it says are most impacted by the current energy crisis. The firm’s goal is to own, build and operate over 100 MW of solar systems over the next five years.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy, and more. SUBSCRIBE HERE
