GreenBank Capital Inc (CSE:GBC)has revealed that its portfolio company Beelivery recently acquired London-based grocery delivery counterpart Pinga, which includes some 600 drivers and riders as well as more than 5,000 customers.
The company said Beelivery is looking to complete more acquisitions as it cements its position as one of the few nationwide grocery delivery companies in the UK with an average delivery time nationwide of less than an hour.
“We congratulate Beelivery on this acquisition and fully support the management team's exponential growth plans as they seek to make Beelivery one of the world's most successful online grocery delivery businesses,” GreenBank Capital CEO Terry Pullen said in a statement.
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Beelivery joint CEO Yazan Bin Mohamed also commented, stating: "This acquisition enables Beelivery to leverage the driver capacity and loyal customers of Pinga in Central London and extend our lead in this competitive market.”
“The company is now exploring further M&A deals, and in particular we are now open towards further strategic alignment with our closest competitors,” he added.
GreenBank noted that Beelivery management have indicated that they are in the process of raising up to a further £25 million to facilitate its rapid expansion plans.
The company said it believes the online grocery delivery market will benefit from consolidation and Beelivery's plans to make further acquisitions is fully supported by it.
GreenBank Capital is a next-generation merchant banking business that has a flexible low-cost overhead structure designed to maximize profitability.
Its management are based in Toronto, Dallas and London and are used to working across borders remotely. The company's model of remote working, dynamic space and flexible contracts - rather than large fixed costs - establishes GreenBank as a global merchant bank for the future, both during and after the coronavirus (COVID19) pandemic.
Contact Sean at sean@proactiveinvestors.com