Latin American Logistics Firm Acquired by Dubai-Based Company
Dubai-based Abraaj Group has announced the acquisition of a majority stake in URBANO Express, a courier and light logistics solutions company in Latin America with operations in Peru, Ecuador and El Salvador, according to a report by arabianbusiness.com.
URBANO is a document delivery services provider in the three countries where it operates, with a distribution network that reaches approximately 85 percent of the population, according to the report.
The courier and light logistics sector in Latin America is experiencing rising demand from increased banking penetration, growing demand for telecom services and expanding e-commerce, among other factors, according to a report quoting an Abraaj statement.
The statement added that Abraaj and URBANO’s management team will focus on enhancing the company’s existing light logistics offerings while entering into new and complementary business lines that can further augment growth, including call centers, customs clearing, shop and ship, and fleet management solutions, according to the report.