DPD in Russia and SPSR Express announce merger

17 January 2017   
DPD in Russia and SPSR Express, two of the biggest courier companies of the Russian express and courier market, have announced their merger.

DPD in Russia, a member of DPDgroup owned by the international holding company GeoPost, a subsidiary of La
Poste,  and  SPSR  Express  have  announced  their  merger.  Upon  closing  of  the  transaction,  which  is  subject  to
approval  by  the  Russian  Federal  Antimonopoly  Service,  the  merged  company  will  become  the  largest  express
operator with a nationwide infrastructure, unparalleled competencies in all areas of logistics, a unique team of
experts and enhanced customer offering. GeoPost will become the majority owner of the post-merger business,
Elbrus Capital will have a significant minority stake with the balance owned by the management team.
Nikolay Voinov will become the CEO of the merged company. Vladimir Solodkin will chair the company’s Board of
Directors and its Strategic Committee. Sergey Kruglov will represent GeoPost as a member of the Board.

The Russian express and courier market has been growing strongly driven by development of e-commerce, with
growth expected to continue in future years. By leveraging its increased scale, access to long-term financing and
increasing investments in IT platform the company will provide to both e-tailers and online shoppers the market-
leading, technologically advanced and efficient solutions. The company will also further develop B2B services as
the potential for profitable growth rests on ability to retain and reinforce the company’s position on both the B2B
and B2C parcel delivery markets.

The merger is expected to be completed in the first quarter of 2017. The customers can expect to interact with
each  company  as  they  always  have  and  receive  the  highest  level  of  service  quality  according  to  the  strict
standards of both companies. Initially before the set up of the single company, DPD č SPSR Express will continue
operating under the two separate brands.

“This merger opens new opportunities for a new level of development not just for the merged company, but for
the market as a whole,” said Vladimir Solodkin. “The transaction will create a universal service provider operating
in  all  segments  of  the  logistics  market.  The  company’s  development  will  be  focused  on  the  evolution  of  new
technology solutions that will revolutionize the concept of logistics.”

“Our customers will benefit from this merger the most,” noted Nikolay Voinov. “Both companies have unique
competencies in the B2B and B2C segments, which will allow us to offer the best services in terms of content,
quality and cost. We aspire to create a company that will become the market leader not only in shipment volume,
but  also  sets  the  market  standard  for  customer  service  and  reliability.  These  are  not  just  words,  we  feel
responsible  for  the  way  the  market  is  going  to  be  shaped  in  5-10  years,  and  we  will  be  creating  the  future
together with our customers.

GeoPost / DPDgroup Press:
DPDgroup press department
Phone: +33 (0) 1 4133 9145
E-mail: press@dpdgroup.com

SPSR Express Press:  
Alla Fedotkina  
Phone: +7 (495) 981 1010
E-mail: fedotkina_av@spsr.ru

Elbrus Capital Press:  
Ilya Novokhatsky  
Phone: +7 (925) 518 1798
E-mail: Ilya@dnapr.ru

About GeoPost / DPDgroup
GeoPost,  via  its  international  brand  DPDgroup,  is  the  second  largest  international  parcel  delivery  network  in
Europe. DPDgroup combines innovative technologies and local expertise to provide simple, flexible services  for
both  senders  and  recipients.  Through  its  Predict  service,  DPDgroup  has  established  new  service  standards  by
placing customers at the centre of the delivery process. With 30,000 employees and a network of 22,000 pick-up
points, DPDgroup delivers 3.6 million parcels in 230 countries every day. GeoPost, the express holding company, is
100% owned by Le Groupe La Poste.

About DPD in Russia
DPD in Russia, one of the leaders in Russian delivery market, has over 125 depots, about 1000 pickup points and
its own divisions in the Customs Union countries. The company is the only Russian provider equally competent in
delivery  of  shipments  of  any  weight  and  dimensions  –  from  letters  to  freight.  DPD  offers  delivery  to  17,000
locations in Russia, Kazakhstan, Belarus, Kyrgyzstan, Armenia, and around the globe.
DPD in Russia is a member of the DPDgroup network, owned by the international holding company GeoPost.

About SPSR Express
SPSR Express has over 15 years extensive experience in supporting clients in postal services, express delivery and
warehouse logistics. SPSR Express has the most extensive network with 9 distribution and 15 sorting centers, 200
offices and representatives throughout Russia with a team of 4000 highly trained employees and more than 1000
vehicles. SPSR Express is the largest privately-held operator with a fully-owned branch network and a geographic
coverage of 6,000 inhabited cities. In 2013 the company launched its international division taking leading market
positions among privately-held express operators in Russia.

About Elbrus Capital
Elbrus Capital is a leading private equity business in Russia and the CIS. Elbrus Capital advises private equity funds
which have led over 70 acquisitions since 2007. The funds' total assets under management exceed $1 billion. Key
investors in the funds are large international institutional investors and international development institutions.

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