Gulf Pinnacle Logistics (GPL), a logistics company with a focus on the MENA-SEA region, announced that it has acquired a 60% stake in Century Express Courier Services as part of its $325mn (AED1.2bn) investment plan.
Established in May 2014, GPL is a logistics and transportation company advised by Regulus Capital. The company owns majority stakes in four assets involved in warehousing, CFS operations, students bus transportation, and courier services.
Shailesh Dash, chairman of Gulf Pinnacle Logistics, said: This acquisition augments GPLs concerted efforts in achieving its goal of becoming a diversified logistics company in addition to serving as a delivery base and capitalising on the e-commerce boom in the MENA region.
He added: Complementing GPLs ambitious vision and growth plans, this acquisition, which is part of a $325mn (AED1.2bn) investment plan for the next six years, has further strengthened the companys positioning in the logistics industry and expanded its operations. We are confident about the growth prospects of Century Express and believe in our capabilities to grow the company into one of the leading last-mile delivery companies in the MENA Region.”
Headquartered in the UAE, Century Express Courier Services caters to the domestic and international markets through its own fleet and a network of agents delivering shipments to more than 100 countries. Century Express has an estimated capacity to deliver 715,000 letters and parcels per annum through its own fleet of vehicles. The company highlights same-day and next-day express delivery services as its unique selling point.
Najeeb Kabeer, partner and managing director of Century Express Courier Services, said: With the upsurge in e-commerce activity in the region and more so in the UAE and Saudi Arabia, the prospects for the courier segment are extremely positive. We are thrilled to have partnered with Gulf Pinnacle Logistics and are excited about the various positive changes and performance-enhancement initiatives that GPL will be implementing over the course of the next five years. We look forward to working closely with the GPL team and contributing to each others success and growth.
Regulus Capital, a specialised management consultancy and advisory firm, was the exclusive advisor to GPL on this acquisition.