TPG Completes Buy Out of Jepsen Unaddressed Mail Network in GermanyDutch postal and logistics company TPG NV -- through its German subsidiary, TPG Post Holdings GmbH -- announced its purchase yesterday of the remaining 49 percent of shares in Olaf Jepsen GmbH.
TPG Post acquired 51 percent of the shares in 1998.
Jepsen, which generated about $36 million in 2002, is a key element of the TPG Post unaddressed mail network in Germany. The company delivers 956 million items such as leaflets and newspapers each year.
"By completing this buyout of Jepsen, TPG Post can further integrate its unaddressed mail networks to build stronger coverage and density within networks in Germany," said Harry Koorstra, group managing director of mail at TPG Post, in a statement. "This further enhances our position as the second-largest mail company in Germany, and our aim to be the first pan-European mail company."
Earlier this year, TPG Post acquired unaddressed mail distributors blitzpunkt in eastern Germany and Werbeagentur Fischer in southeast Germany.
TPG Post also provides addressed mail service in Germany via EP Europost, a joint venture between TPG Post and Hermes Versand Service, a subsidiary of mail-order company The Otto Group.