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01 Mar 2024
Adenia Partners announces acquisition of The Courier Guy to enhance last-mile delivery services in South Africa

The involvement of Adenia Partners, with the German Development Finance Institution DEG, the French Development Finance Institution Proparco, and South Suez as co-investors, is expected to take The Courier Guy to the next level of growth amid South Africa’s booming e-commerce sector and changing consumer expectations.

JOHANNESBURG, South Africa, 1 March 2024 - Adenia Partners (“Adenia”), a leading private equity firm focused on growth opportunities in Africa, has acquired 100% of The Courier Guy, a leader in last-mile delivery and express parcel (CEP) services in South Africa, alongside co-investors DEG, Proparco, and South Suez. This acquisition, made through Adenia Capital (V) LP, marks the second investment of Adenia’s fifth flagship fund, Adenia V, and demonstrates the firm’s commitment to the fast-evolving last-mile delivery landscape in South Africa. Financial terms of the transaction were not disclosed.


The Courier Guy is South Africa’s leading courier service with an extensive network of delivery partners, kiosks, and more than 1,200 pudo smart lockers across the country. It is at the forefront of providing innovative and customer-focused logistics solutions.


Through the acquisition, Adenia will look to capitalise on the significant growth opportunities within South Africa’s last-mile delivery sector, driven by the exponential growth of e-commerce and the introduction of global marketplace giants to the country. South Africa’s e-commerce market is expected to reach US$16.3 billion by 2030, with an annual growth rate of 15%, according to a RationalStat report. With rising demand for a fast and reliable online shopping journey, the importance of trust and reliability at the final step of delivering a parcel – at the last mile – cannot be overstated.


Craig Pitchers, CEO of The Courier Guy, shared his optimism about the new partnership: "Partnering with Adenia and its co-investors opens up unprecedented opportunities for us to enhance our service offerings, boost operational efficiencies and accelerate our growth as we look to set new standards within the logistics sector. We can’t wait to see what the future holds for The Courier Guy as this collaboration unfolds.”


Florent de Boissieu, Partner at Adenia, remarked: “The acquisition of The Courier Guy is a significant milestone for us and our esteemed co-investors, DEG, Proparco, and South Suez. It underscores our collective belief in the vast potential of the last-mile delivery sector in South Africa. Together, we are eager to further enhance The Courier Guy’s market position, stimulate innovation and expand its service offerings to meet the evolving needs of customers in South Africa and beyond.” 


Debt financing for the transaction was provided by RMB and advisors included PWC for financial and tax due diligence, Webber Wentzel for legal guidance, and EY for ESG due diligence. 




Adenia Partners
Amisha Mehta 
BackBay Communications

About Adenia Partners

Adenia Partners is a private markets investment firm with over $800M assets under management, committed to responsible investing and a sustainable Africa. Founded in 2002, Adenia has a proven track record with 33 platform investments executed and 17 realized exits. Based on-the-ground across Africa, Adenia has one of the most highly qualified African private markets investment teams in terms of educational pedigree, longstanding experience as entrepreneurs and investors, and local in-depth knowledge. By creating stronger companies with quality jobs, fostering economic improvement, and elevating companies to meet ESG standards, Adenia is increasing the enterprise value for investors, whilst benefiting workers, communities, and companies in Africa.

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About The Courier Guy


The Courier Guy is a leading provider of last-mile delivery and express parcel services in South Africa, offering a broad spectrum of logistics solutions to a diverse range of e-commerce customers. With its extensive network of delivery partners, kiosks, and lockers, The Courier Guy is committed to delivering innovative, efficient, and customer-centric services.


For more information, please visit: