PPF Group locks up a big stake in Polish delivery box giant

PPF Group is buying a 15 percent stake in InPost, a Polish company that operates self-service mailboxes and logistics centers for online shops, from private equity firm Advent International. The deal includes an option for PPF to buy an additional 15 percent stake.

InPost operates over 29,000 delivery boxes for e-shop customers and, as part of logistics solutions, builds fulfillment centers for the storage and distribution of parcels, and provides its services to internet merchants.

PPF said in a press release that it would pay EUR 10 per share. According to calculations by news agency ČTK, this would mean PPF paid about EUR 750 for the stake.

PPF now owns a total stake in InPost amounting to 16.75 percent as it already held shares bought on the open market. PPF is now the second-largest shareholder in InPost after Advent International. The deal includes an option for PPF to buy an additional 15 percent of InPost shares from Advent International.

InPost, whose shares are traded on Amsterdam’s Euronext exchange, was founded in Poland in 1999 by current CEO Rafał Brzoska. In addition to the domestic Polish market, InPost operates in eight other countries in Western Europe: Belgium, France, Italy, Luxembourg, the Netherlands, Portugal, Spain, and the UK.

The company has a proprietary type of drop box it calls Paczkomat. Many of these are located near densely populated areas so people can pick up packages any time of the day while walking their dog or doing other shopping. The company says the system is environmentally friendly as it greatly reduces the amount of traffic that individual deliveries would require, and that 98 percent of parcels are received the next day.

The service is not unique, as many e-commerce firms now use drop boxes. InPost’s advantage, especially in the Polish market, is the density of its network.

PPF’s chief investment officer Didier Stoessel said the investment is a fundamental step toward strengthening the company’s e-commerce sector. "E-commerce is among the four basic pillars of the Group's business, alongside financial services, telecommunications, and media. As a major shareholder, we are determined to contribute to the international expansion and growth of the value of InPost as one of the most dynamic companies in its sector in Europe," Stoessel said.

PPF Group operates in 25 countries in Europe, Asia, and North America. It invests in a range of sectors, from financial services to telecommunications, media, biotechnology, real estate, and engineering. The Group has assets of EUR 40.1 billion and employs 70,000 people worldwide. It was founded by Petr Kellner, who until his death in 2021 was the richest Czech. His widow Renáta Kellnerová oversees the group now.