Blackstone, GIC said to be eyeing logistics firm InPost

London

INPOST is attracting initial interest from buyout firms including Blackstone Group and Silver Lake, as its owner pursues a dual-track sale process for the Polish postal locker firm, people with knowledge of the matter said.

European private equity firms EQT and Hellman & Friedman are also among potential bidders for InPost, which is controlled by Advent International, according to the people. The Abu Dhabi Investment Authority and Singapore sovereign fund GIC have separately been evaluating the business and could team up with other bidders, the people said, asking not to be identified because the information is private.

Advent has also been weighing an initial public offering (IPO) of InPost, the people said. Any deal could value InPost in the billions of euros, the people said, and rank as one of Europe's largest private equity-backed transactions in recent memory.

No final decisions have been made, and there's no certainty the suitors will proceed with firm offers, the people said. Spokespeople for ADIA, Advent, Blackstone, EQT, Hellman & Friedman, InPost and Silver Lake declined to comment. Representatives for GIC didn't immediately respond to a request for comment.

Advent is considering a listing of the business in 2021 and picked Citigroup, Goldman Sachs Group and JPMorgan Chase & Co as global coordinators for the potential offering, the people said. It plans to add more banks to the deal if it decides to proceed with a share sale, the people said. Representatives for the banks declined to comment.

InPost allows its customers to arrange for the delivery and collection of parcels across a network of self-service lockers. The company has more than 8,000 lockers in Poland and also offers courier services. Its services are used by merchants on Allegro.eu, the e-commerce platform that in September completed Warsaw's biggest-ever listing.

The market response to the Allegro IPO has encouraged Advent to consider a listing of InPost, the people said. Allegro's stock has almost doubled since listing. The performance shows the large valuation potential for e-commerce companies and related businesses amid the Covid-19 pandemic, which has kept people at home and shopping online.

InPost was acquired by Advent in 2017 as part of a push into the e-commerce market. In 2018, InPost secured additional financing from private equity firm KKR & Co. BLOOMBERG