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



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


  • 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


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