Business news from Ukraine

Nova Poshta intends to acquire Lviv-based Nova Development

23 February , 2024  

Nova Poshta LLC, Ukraine’s largest logistics operator from the NOVA group, intends to acquire Nova Development LLC (Sokilnyky village, Lviv district, Lviv region), whose main activity is the lease and operation of its own or leased real estate.

According to the Antimonopoly Committee of Ukraine (AMCU), it granted Nova Poshta permission on Thursday to acquire a stake that ensures exceeding 50% of the votes in Nova Development.

The state register states that Nova Development, registered at the end of May 2023, is the legal successor of Best Logistics Group, which was engaged in the construction and leasing of logistics complexes and was part of the Globus full-cycle development holding.

“Best Logistics Group has already cooperated with Nova Poshta during the construction of a sorting terminal in Lviv in 2019, with investments of almost EUR 10 million, with Nova Poshta’s investment of about EUR 4 million. According to Vyacheslav Klimov, co-founder of NOVA Group, Nova Poshta was responsible for the equipment, while Best Logistics Group was responsible for the construction of the building.

The Globus website states that its portfolio includes more than 10 projects at various stages of implementation with a total area of 220 thousand square meters, which are being developed together with partners. These include premium and comfort class residential buildings, logistics terminals, business centers, hotels, and mixed-use complexes, while the area of already implemented projects is 96 thousand square meters. It is also noted that the group is a strategic partner of Nova Poshta and has its own production base in the form of two concrete plants.

The authorized capital of Nova Development, according to the state register, is UAH 186.4 million, while that of Best Logistics Group was UAH 1 million. Volodymyr Fenik is listed as the beneficiary through the corporate venture investment fund Magistrate Invest.

In 2022, Best Logistics Group’s revenue amounted to UAH 46.87 million, up from UAH 36.62 million a year earlier, and its net loss increased to UAH 12.33 million from UAH 3.58 million.