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M&A operational & commercial due diligence of a leading Romanian CEP player

  

BUSINESS CONTEXT

In 2017 we have been approached by a leading CEE Private Equity Fund to carry out Commercial and Operational due diligence of a leading Romanian Courier, Express and Parcel player and supporting them in the preparation of their post-acquisition business plan.

MAIN CHALLENGES

  • quality of available data available in this market was poor
  • data supplied by the Target was sometimes limited
  • timing was tight and almost immediate feedback was needed


Last Mile Expert’s ROLE

Given the dearth of specialists, especially with local knowledge, we guided the Fund’s team in understanding the market, key players opportunities and risks for the Target, and expected future developments.

Our role included:

  • preparation of detailed operational and commercial due diligence reports (also covering IT)
  • qualitative opinions regarding the target and its main competitor(s) and future market developments
  • ongoing support during the process, right up until signing

CUSTOMER BENEFITS

No generalist is able to offer the depth of industry experience that a specialist player such as Last Mile Experts is able to offer. We have been able to help ensure that:

 

  • using our local consultants, a good overview of the market and the Target, itself, was provided
  • detailed DD commercial and operational documentation was prepared 
  • the Fund was able, at all times, to have feedback or participation on the various Vendor and Target discussions
  • expert opinions were available to support decision making by the Fund

 

 


 

 

 

Supporting tendering and negotiations for last mile services for Allegro Group, a top European e-commerce player based in Poland 

 

BUSINESS CONTEXT

Allegro made a strategic decision to create a new portfolio of courier services for merchants selling their products on the allegro.pl website. As they did not have the necessary in-house expertise to structure the tender and execute negotiations, they turned to Last mile Experts for support. The project was aimed to improve the  “customer experience”  and to obtain better conditions for last mile delivery for Allegro’s merchants.

MAIN CHALLENGES

Currently, merchants were contracting directly with courier companies. They were often adding a mark-up to transport prices, which resulted in less transparency when choosing the method of transport by the consumer. Allegro did not have sufficient visibility as regards the shipping process and especially its duration. There were multiple (over 30) and inconsistent transport options to select from on the Allegro website which was confusing for consumers. 

The project supported by Last Mile Experts was aimed at:

  • obtaining more attractive financial terms of cooperation from courier companies
  • ordering and unifying the terms of delivery of courier services, including uniform SLA,s
  • achieving greater transparency of delivery times (shipping process and transport process)
  • shortening delivery times
  • simplifying the process of selecting a transport method for the service's clients
  • obtaining Track & Trace data from courier companies allowing for tracking SLA’s and enforcing associated contract terms

Last Mile Expert’s ROLE

Providing latest insights of the market and competition getting connected with selected operators. Preparing tender documentation related to pricelist, terms, and conditions for the last mile delivery and SLA. The scope included delivery to door, to parcel locker or PUDO point, as well as delivering heavy and bulky items (so called “white gloves” service). Analysis of tender responses, benchmarking and direct support in negotiations with suppliers.   

 

CUSTOMER BENEFITS

In depth analysis of the industry and competition with a high level of professionalism and with a successful closure of negotiations with supplier in a very tight timeframe.

 

 


 

 

M&A - sale of an express carrier in Poland

 

BUSINESS CONTEXT

In early 2016 we have been approached by  a mid-sized Express and Parcel group with a view to selling their Polish operations and:

  • preparing a suitable teaser
  • distributing this to a suitable target group
  • supporting preparation of their Confidential Information Memorandum (CIM)
  • supporting sale negotiations

 

MAIN CHALLENGES

 

  • the company was relatively small and therefore not suitable for many large players
  • most large players already have a foothold in Poland
  • the company’s profitability was poor

 

Last Mile Expert’s ROLE

 

We supported the vendor’s in preparing vendor presentations, especially the teaser and in optimising the approach to the sale.

In particular, our role included:

  • preparation of a teaser document
  • preparation of a long and short list of potential buyers (using local contacts and those from our network)
  • sending teasers and follow up calls with all shortlisted companies
  • supporting negotiations for the sale

CUSTOMER BENEFITS

No generalist is able to offer the depth of industry experience that a specialist player such as Last Mile Experts is able to offer. We have been able to help ensure that:

 

  • using our specialist knowledge, a good overview of the market and teaser, was provided
  • buyers who would not immediately spring to mind were engaged
  • the transaction was successfully completed

 


 

OPS Support for a Baltic Parcel Company’s transformation

 

BUSINESS CONTEXT

Several years ago, a Nordic Post bought a logistics and forwarding company in the Baltic Countries with a goal to transform it into a parcel oriented company. The LME team consisting of local and international experts worked an evaluation of the current business approach and on the preparation of an operational strategy supplemented by a plan for its implementation

MAIN CHALLENGES

The most significant challenges related to courier operations due to:

  • relatively small scale,
  • organisation of couriers' on the road work and terminal handling operations
  • relatively high costs of operations.
  • lack of formalised policies and defined processes and procedures

LME Role:

The task of LME experts was to assess the current state of the organization. Analysis of agreements and modes of work with subcontractors, including couriers and Line Haul operators. Preparation of a Strategy and implementation plan in cooperation with the local management and the central PMO office. After accepting the strategy and the implementation plan, the LME team supported local managers in implementing the prepared operational projects.

CUSTOMER BENEFITS

Experts together with local management analysed audit results and based on that prepared a strategy for changes in operations with an implementation plan. During cooperation, the following were prepared:

  • policy of cooperation with subcontractors (couriers and LNH)
  • agreements for couriers and LNH
  • New remuneration system for couriers
  • New network planning for depots locations based on density of deliveries
  • Depot / HUB layouts and workflow charts and procedures

While this is still an ongoing project, in the words of our client, based upon his experience to date:

“Marek and the team proved to be highly experienced and engaged partners who were always willing to “go the extra mile” for us.”

 

 

 

 

BUSINESS CONTEXT

In late 2016 we have been retained by a North European Postal Operator to support then in finding a suitable fulfilment partner or acquisition target in the US to support e-commerce activities to and from Europe.


MAIN CHALLENGES

  • there is a myriad of small players and finding those with a reasonable track record and operational competence was not an easy task
  • as our partner was not a major Postal Operator and from a relatively small country, gaining interest amongst the more significant potential partners was not easy


Last Mile Expert’s ROLE

  • to use knowledge of current players and carry out desk research to add develop a full list of potential targets and make initial enquiries to confirm which could be interested in having a financial investor
  • to provide our client with a list of companies reviewed with key information we have been able to secure
  • make recommendations regarding best options for acquisition (or, if not possible, strategic partnership)

CUSTOMER BENEFITS

Unlike a typical strategy consultancy LME could use their extensive list of contacts and market knowledge to:

  • create a suitable “long list” of target companies for review with our client
  • add credibility with potential targets so that they were prepared to talk
  • make competent recommendations about the best target

This solution proved to be efficient and highly cost effective for our client who had little experience of the US market and no local presence.


 

 

 

 

 

M&A due diligence of a leading European E-commerce player

  

BUSINESS CONTEXT

In early 2016 we have been approached by  a leading CEE Private Equity Fund to support their Commercial and Operational due diligence of a leading Romanian Courier, Express and Parcel player with a view to:

  • preparing a high level market assessment and expected future developments
  • preparing a review of the Target in the context of the Romanian market
  • discussing the risks and opportunities related to an investment


MAIN CHALLENGES

  • quality of available data available in this market was poor
  • data supplied by the Target was very limited at this early stage of the sale process
  • timing was tight and almost immediate feedback was needed


Last Mile Expert’s ROLE

Given the dearth of specialists, especially with local knowledge, we guided the Fund’s team in understanding the market, key players and expected future developments.

Our role included:

  • preparation of a report covering the market (including: size, segments, players, expected developments)
  • qualitative opinions regarding the target and its main competitor(s)
  • discussion of our report and conclusions with the Fund

CUSTOMER BENEFITS

No generalist is able to offer the depth of industry experience that a specialist player such as Last Mile Experts is able to offer. We have been able to help ensure that:

 

  • using our local consultants, a good overview of the market and the Target, itself, was provided
  • key risks and opportunities have been identified
  • the Fund was able, at all times, to have feedback or participation on the various Vendor and Target discussions
  • expert opinions were available to support decision making by the Fund

 

 

 

 

 

 

M&A due diligence of a leading European E-commerce player

  

BUSINESS CONTEXT

In mid 2016 we have been approached by  a leading International Private Equity Fund to support their Commercial and Operational due diligence of a leading (top 10) European E-commerce player with a view to:

  • providing ongoing industry expertise and specialist knowledge to the Fund in the areas of customer service and Last Mile
  • actively participating as part of the Fund’s project team


MAIN CHALLENGES

  • quality of available data, especially in Last Mile, was poor
  • timing was tight and almost immediate feedback was needed
  • the Target had complicated last mile operations


Last Mile Expert’s ROLE

Given the dearth of specialists, we guided the Fund’s team in optimising their approach to the project as well as offering insight into the areas we had been asked to support.

Our role included:

  • providing background information on the two specialist areas we had inpout in
  • expert opinions to support and confirm the Firm’s assessment of the data they had been given
  • specific “non target contact” due diligence work
  • assessment of the organisation’s ability to execute future plans in our areas

CUSTOMER BENEFITS

No generalist is able to offer the depth of industry experience that a specialist player such as Last Mile Experts is able to offer. We have been able to help ensure that:

 

  • the project was carried out to the best standard given the available time and access to information
  • all possible risks and opportunities have been identified
  • the Fund’s management had support, at all times, during their discussions with the Target and current and potential customers or partners

 

 

 

 

 

 

M&A due diligence of a leading International Parcel Locker producer and network operator

  

BUSINESS CONTEXT

In late 2016 we have been approached by  a leading International Private Equity Fund to support their Commercial and Operational due diligence of a leading European Locker and CEP operator with a view to:

  • providing ongoing industry expertise and specialist knowledge to the Fund
  • supporting strategy consultants in their assessment of the business
  • actively participating as part of the Fund’s project team


MAIN CHALLENGES

  • quality of available data, especially of a strategic nature, was poor
  • this particular fund relied heavily in external strategy consultants and these were frequently changed leading to the need to “on board each new player”
  • the Target had a very complicated structure and varied operations and business models, internationally


Last Mile Expert’s ROLE

Given the dearth of specialists, we guided the Fund’s team and their strategy advisors in optimising their approach to the project as well as offering bespoke operational and IT due diligence work.

Our role included:

  • providing background information on the target and market context
  • expert opinions to support and confirm the Firm’s assessment of the data they had been given
  • using our network to open discussions with current and potential key customers and partners
  • specific due diligence work in the areas of operations, IT and commercial
  • participation in producing the investment plan and future business models
  • assessment of the organisation’s ability to execute future plans and recommendations for improvement here
  • active participation in several post acquisition projects, especially in the international arena

CUSTOMER BENEFITS

No generalist is able to offer the depth of industry experience that a specialist player such as Last Mile Experts is able to offer. We have been able to help ensure that:

 

  • the project was carried out to the best standard given the available time and access to information
  • all possible risks and opportunities have been identified
  • the Fund’s management had support, at all times, during their discussions with the Target and current and potential customers or partners

 

 

 

 

 

 

 

M&A due diligence of a Turkish Express Courier Operator

  

BUSINESS CONTEXT

In mid 2016 we have been approached by a mid-sized Turkish Private Equity Fund to support their Commercial and Operational due diligence of a leading Turkish Courier, Express and Parcel player with a view to:

  • preparing a high level review of the target’s business, operations and current/future market context
  • review of and the Target’s key Business Plan assumptions,
  • carrying out a limited IT and Operations audit
  • discussing conclusions with the Fund

 

MAIN CHALLENGES

  • quality of available market data was poor
  • data supplied by the Target was very limited due to the scale and stage of MIS development in the Target


Last Mile Expert’s ROLE

Given the dearth of specialists, especially with local knowledge, we guided the Fund’s team in understanding the market, key players and expected future developments as well as giving them a good assessment of the Target itself, based upon available information.

Our role included:

  • preparation of a high level review as per our brief (above)
  • qualitative opinions regarding the target and its main competitor(s)
  • meeting and opinions on the Target’s senior management
  • discussion of our report and conclusions with the Fund

CUSTOMER BENEFITS

No generalist is able to offer the depth of industry experience that a specialist player such as Last Mile Experts is able to offer. We have been able to help ensure that:

 

  • using our local consultants, a good overview of the market and the Target, itself, was provided
  • key risks and opportunities have been identified
  • the Fund was able, at all times, to have feedback or participation on the various Vendor and Target discussions
  • some post acquisition commercial opportunities have been identified using our international network of contacts
  • expert opinions were available to support decision making by the Fund

 

 


 

 

 


 

 

 

M&A due diligence of a leading Turkish domestic CEP Player

  

BUSINESS CONTEXT

Out team in Turkey includes leading practitioners with hands on experience. During 2016-17 we have been retained to support commercial and operational due diligence on behalf of two leading Turkish private equity players, with a view to:

  • confirming the attractiveness of the target
  • development of an optimal strategy for shareholder value creation over the next 3-5 years


MAIN CHALLENGES

  • As with most exercises of this nature, access or availability to all the necessary data was not ideal
  • Cultural differences and the specifics of the Turkish market were an important factor
  • Stakeholders had a differing view on the best way forward


Last Mile Expert’s ROLE

Given the dearth of local specialists, we actually participated in two due diligence exercises using clear division of responsibilities and information (Chinese walls).

Our role included:

  • Expert opinions to support and confirm strategy consultant’s assessment of the market and opportunities
  • Operational due diligence aimed at identifying key risks and opportunities for the business
  • IT review aimed at identifying key risks in this key area and steps for their mitigation
  • Assessment of the organisation’s ability to execute future plans

CUSTOMER BENEFITS

No strategy consultancy is able to offer the depth of industry experience that a specialist player such as Last Mile Experts is able to offer. We have been able to help ensure that:

 

  • the investment thesis and investment plan supporting it is sound
  • industry specific risks and opportunities have been well accounted for
  • Post-acquisition support is available to ensure sound strategic plans supported by clear and effective project implementation plans

 

 


 

 

 


 

M&A due diligence of a leading International Parcel Locker producer and network operator

  

BUSINESS CONTEXT

In mid 2016 we have been approached by  one of the “big 4” accounting firms to support their financial due diligence of a leading European Locker and CEP operator with a view to:

  • providing industry expertise and specialist knowledge
  • giving a “sanity check” on the conclusions drawn by the Firm’s consultants


MAIN CHALLENGES

  • quality of available data, especially of a strategic nature, was poor
  • matters were compounded by short timeframes and the need to act fast as well as the fact that the team had relatively little industry exposure


Last Mile Expert’s ROLE

Given the dearth of local specialists, we guided the Firm’s team in optimising their approach to the project and discussing their findings and conclusions.

Our role included:

  • Providing background information on the target and market context
  • Expert opinions to support and confirm the Firm’s assessment of the data they had been given
  • Discussion and identifying of key relevant risks and opportunities for the business
  • Assessment of the organisation’s ability to execute future plans

CUSTOMER BENEFITS

No generalist is able to offer the depth of industry experience that a specialist player such as Last Mile Experts is able to offer. We have been able to help ensure that:

  • the project was carried out to the best standard given the available time and access to information
  • industry specific risks and opportunities have been discussed
  • support was available for client review sessions