Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQU E  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 28.5.2021  
C(2021 ) 3997 final  
PUBLIC VERSION  
Advent International Corporation  
Corporation Trust Center  
1209 Orange Street  – Wilimgton DE 
(Country of New Castle) 19801   
United States of America  
Subject : Case M. 10228 – ADVENT / MONDIAL RELAY  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 30 April  2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Advent 
International Corporation (“Advent”, USA), indirectly through InPost SA, acquires 
within the meaning of Article 3(1)(b) of the Merge r Regulation sole control of the 
whole of Mondial Relay SAS (“Mondial Relay”, France)  by way of purchase of 
shares .3 
2. The business activities of the undertakings concerned are:  
 for Advent : a private equity investment fund focused on the acquisition of equity 
stakes and the management of interests in various sectors, including business and 
financial services;  industrial goods and services; retail operations, branded 
consumer goods, and leis ure services; media, telecommunications, and 
information technology; and healthcare services and pharmaceuticals. Through its 
controlled portfolio companies Hermes UK , Hermes Germany  and InPost  SA, 
Advent is active in “Pick -Up & Drop -Off” (“PUDO”) network services and  small 
package delivery services in the UK , Germany , Poland and Italy,  respectively, 
and to a minor ex tent in cross -border deliveries,  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 170, 6.5.2021 , p. 12. 

2  for Mondial Relay: a company active in the provision of PUDO network services 
and small package delivery serv ices in France, Belgium, Luxembourg, the 
Netherlands, Portugal and Spain. To a minor extent, Mondial Relay is also active 
in cross -border deliveries.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation f alls within the scope of the Merger  Regulation  and of 
paragraph 5(c) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplifie d procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .