PriceSmart Announces Sale Of Aeropost Package Forwarding And Marketplace Businesses

 PriceSmart, Inc. announced the sale of the legacy cross border casillero (package forwarding) and online marketplace businesses operated by its Aeropost subsidiary to Click to Collect Company Ltd., a company based in Nassau, Bahamas.  Terms of the transaction were not disclosed.

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PriceSmart acquired Aeropost in 2018 to leverage Aeropost’s technology, its management’s experience in developing software and systems for e-commerce and logistics, and its distribution and logistics systems to advance PriceSmart’s development of an omni-channel shopping experience for its Members.  PriceSmart will retain key Aeropost personnel and technology in the transaction, and Aeropost will continue to be a provider of cross border logistics and last mile delivery services for PriceSmart.

“The talent, technology and processes PriceSmart gained when we acquired Aeropost in 2018 have enabled us to launch our e-commerce platform, PriceSmart.com, accelerate online sales for curbside pick-up and delivery, generate online Member sign-ups, renewals and payments, and enhance our ability to better connect with and serve our Members. This sale allows us to consolidate resources and sharpen focus on our key strategies. We will retain valuable talent and the requisite technology that is directly applicable to PriceSmart’s plans for our omnichannel platform and information technology capabilities, while recouping a portion of our original investment in Aeropost.”

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“We believe the transaction itself will not have a material impact on our results of operations in our current fiscal year, and will help accelerate our innovation going forward by freeing up resources previously shared with the the Aeropost legacy businesses.”

“We look forward to continued innovations from the technology team that will stay with PriceSmart, while we separate and sell the non-core package-forwarding and non-PriceSmart marketplace businesses to a new owner under which we expect Aeropost employees will continue to thrive in the future.”

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