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Quest group’s ACS on the radar of German GLS

According to information from "Naftemporiki", the company is in discussions with the German GLS Group

Quest group courier company ACS is in advanced discussions with a multinational company for a possible sale, but no deal has yet been concluded.

According to information from “Naftemporiki”, the company is in discussions with the German GLS Group. The German company operates throughout Europe, employs 23,000 people and in 2022/23 had revenues of 5.2 billion euros. It is worth mentioning that ACS Courier is a partner of GLS Group in Greece.

As the management of the Quest group stated, in its letter to the Capital Market Commission, the group has several times in the past received proposals for the acquisition of ACS by international investors. However, these proposals did not bear fruit, as it seems that the price did not satisfy.

Quest added in response to a letter from the Capital Market Commission: “ACS has held an important position in the Greek courier market for the last many years and is implementing an ambitious investment and continuous development plan. The parent Company (“Quest Holdings SA”) has recently (as in the past) received proposals regarding ACS from international potential investors.

The Company carefully examines and evaluates any serious investment proposal, taking into account the interests of its shareholders, as well as the employees of the Quest Group companies.

In this regard, the company clarifies that it has not entered into any binding agreement for the participation of a new investor in the share capital of ACS.

The company will make, in accordance with the law, without delay, the required announcements to inform the investing public, if any definitive agreement is concluded.”

It is noted that Theodoros Fessas invested in ACS in 2000, foreseeing the rise of e-commerce which required physical distribution channels.

ACS had revenues of 59 million euros in 2001 and almost zero net profit. In 2022, the company had a turnover of 142 million euros and a net profit close to 15 million euros.