Standard Bank Reflects On Its Support To City Logistics And Clearwater Capital In Acquiring Fastway Couriers
Standard Bank Reflects On Its Support To City Logistics And Clearwater Capital In Acquiring Fastway Couriers. Standard Bank is proud to announce that it has supported and partly funded City Logistics and Clearwater Capital’s acquisition of franchised courier company Fastway Couriers South Africa.
Fastway Couriers has over 300 courier franchisees across South Africa and offer a cost-effective, reliable, timetabled courier delivery service that is backed up by the latest computer technology and online parcel track and trace facilities.
The bank acted as the mandated lead arranger and sole lender in the acquisition, which has created one of the largest turnkey logistics providers to the fashion, retail and e-commerce sectors in South Africa. City Logistics and Fastway Couriers South Africa share Mr Price Group, Home Choice and The Foschini Group as customers, and through this transaction, the combined businesses will offer one of the most affordable delivery options in South Africa for small and medium-sized enterprises, as well as corporates.
According to Standard Bank, the e-commerce market in South Africa is expected to experience a yearly growth rate of 8%, and this has created an opportunity for more affordable delivery options for South African consumers and businesses. Standard Bank believes that this acquisition has best positioned the combined companies to take advantage of this growth and, in turn, contribute to job creation in the South African logistics industry.
