Abris acquires Apaczka from 21 Concordia

Harriet Matthews
07 October 2020

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Abris Capital Partners has acquired a majority stake in Poland-based, e-commerce business R2G Polska, which operates under the brand Apaczka, in an SBO from 21 Concordia.

Abris acquired 21 Concordia's stake in the business and part of the stake owned by management. The GP expects the company will benefit from the growth in the e-commerce market brought about by the coronavirus pandemic, according to a statement.

Unquote sister publication Mergermarket reported in June 2020 that Apaczka was reviewing strategic options and was in talks with two potential financial investors. The report also cited sources who said the company generates around €4.5m in EBITDA.

The sale of Apaczka took place via a structured auction process.

Abris deployed equity via Abris CEE Mid Market Fund III, its €500m buyout vehicle. The fund held a final close in September 2017 and Apaczka will be the fund's ninth platform investment. The GP expects to make three to four further investments from the fund.

21 Concordia, the Polish arm of 21 Invest, acquired a 42% stake in Apaczka in June 2017 via its debut fund, which held a final close in 2015 on €100m. The fund deployed equity tickets of €10-20m and targeted Poland-based SMEs with revenues of €10-50m.

21 Concordia aimed to consolidate the Polish logistics and delivery market via the investment in Apaczka. In 2018, Apaczka merged with courier service provider Korporacja Kurierska.

Company
Founded in 2009 and based in Warsaw, R2G Polska operates under the brand Apaczka and via the website Migiem24. Apaczka provides e-commerce services including shipment and logistics management for e-commerce retailers, SMEs and small offices. The business reported revenues of €30m in 2019 and employs 70 people. It generated revenues of €10m at the time of 21 Concordia's initial investment.

People
Abris Capital Partners – Edgar Koleśnik (partner).
21 Concordia – Marek Modecki, Dariusz Górka (managing partners).
R2G – Grzegorz Iwaniuk (co-founder, president).

Company
Equity – Norton Rose Fulbright (legal); EY (financial due diligence, tax); OC&C (commercial due diligence).
Vendor – PwC (M&A); GKW (legal); Gessel (legal).