M&A due diligence of a Turkish Express Courier Operator



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



  • 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


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