Clearwater International advises Correos Express on its acquisition of the majority of the CEP business from Rangel Group
Clearwater International has advised Correos Express Paquetería Urgente S.A., S.M.E. (Correos Express) on the acquisition of 51% of the Courrier, Express and Parcel (CEP) business of Rangel Group for €11m.
Correos Express is the Correos Group’s express parcel company, specialised in delivering parcels within 24 hours. Its main activity is the transport of corporate documents and small parcels, both nationally and internationally. Correos Group is a Spanish leading provider of physical, digital and parcel communication solutions across the country. It is also the company designated to provide the Universal Postal Service in Spain, with criteria of efficiency, quality and sustainability.
Operating more than 8,700 service points – including 2,396 post offices in Spain, 78 logistics centres and a fleet of approximately 17,600 vehicles, Correos Group is one of Spain’s leading companies by size, territorial presence, human capital and digital infrastructures, employing more than 52,400 people. The group is fully owned by SEPI (Sociedad Estatal de Participaciones Industriales).
Grupo Rangel is a global logistics operator based in Portugal focused on the provision of a wide range of transport and logistics services and express deliveries in Portugal and internationally through Rangel Expresso.
This investment will contribute to improving Correos Express’ growth strategy in Iberia, gaining critical mass in Portugal, adding over 160 employees, a fleet of 250 vehicles and 12 logistic platforms across Portugal and contributing to the company's goal of providing 24h deliveries within the territory.