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Belgian firm Bpost acquires US e-commerce firm Radial for $820 million

The national postal organization of Belgium, Bpost is acquiring the US-based e-commerce major Radial for a consideration of $820 million including the latter's liabilities, according to a Reuters report. Apparently, the deal will be a shot in the arm for the postal entity in terms of its speed as well as reach in delivering packages ordered online, the major growth area in the postal industry, says the report.Radial is a leading provider of integrated e-commerce logistics and omnichannel technology solutions. In 2016, Radial fulfilled over 306 million units for its retail customers, across 24 fulfillment centers. Radial is largely ahead of its peers in terms of scale, geographic coverage, and breadth of services. In addition to gaining an important foothold in the US, this acquisition brings a distinctive set of expertise and capabilities to the advanced e-commerce market. Radial also offers integrated services such as payment, tax and fraud protection services, fulfillment and customer care for brands and retailers, according to a statement issued by the US firm.

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The acquisition leverages Radial’s e-commerce service, expertise and scale with Bpost to provide an industry-leading cross-border value proposition for its customers in Europe and North America, noted the statement. The expected normalized annual revenues of Radial for 2017 are forecasted between $970 and $1,020 million. The expected normalized EBITDA is forecasted to be between $65 and $70 million in 2017, the statement pointed out.Koen Van Gerven, CEO of Bpost, said: “I’m very proud of this acquisition that represents a great leap forward for Bpost, promoting us as a leading player in the e-commerce logistics business in the Benelux, Europe and throughout the world. I’m convinced that offering integrated and seamless e-commerce logistic solutions to our US and European customers will help them grow their businesses. The expertise and capabilities of Radial employees are a unique complement to Bpost and will help us in becoming a leader in e-commerce logistics. I’m very happy to welcome all Radial employees to our Bpost family.”Matthew Espe, CEO of Radial, said: “Radial represents the gold standard for profitable e-commerce and omnichannel technology arming merchants with the capabilities needed to operate at a global scale. There has never been a more important time when it comes to helping brands grow their online business profitably, especially when reaching their customer base internationally. Joining the Bpost family is a critical next step for both companies as we strive to help meet customer expectations on the backbone of the industry-leading technology and services.”Under the terms of the agreement, Bpost will acquire 100% of the shares of Radial for an Enterprise Value of $820 million. Strict M&A criteria in the decision-making process were diligently respected ensuring long-term value creation for all stakeholders. Bpost intends to finance the transaction by using a bridge financing upon closing. The transaction is expected to close in the last quarter of 2017, subject to customary closing conditions.The strong financial profile of Bpost will offer a sustainable, stronger and liquid investment proposition through an optimized capital structure without any stock dilution. The transaction will have a positive impact on the earnings per share as from 2020. J.P. Morgan Securities LLC acted as financial advisor to Radial for this transaction, added the statement.