Stuart acquired by Quiver

Quiver made an irrevocable offer on 26 October 2026 to acquire Stuart, the French last-mile delivery platform, from Mutares, which exited in full. Completion was expected in the fourth quarter of 2026, subject to the information of employee representatives. The perimeter covered SRT Group and its subsidiaries. Founded in 2015, Stuart runs a platform connecting businesses to independent couriers. A restaurant, a grocer or a retailer sends an order through its system, which finds an available courier nearby, assigns the job and tracks it through to the door, under the client’s own brand rather than Stuart’s. It operates no fleet of its own: the couriers are self-employed and paid by delivery, which means capacity expands and contracts with demand rather than sitting idle. Its customers are food service operators, grocers and retailers in France, the United Kingdom and Poland, served from offices in Paris, London and Barcelona, the last housing its technology teams. It employed around 70 people and generated revenue of €50–100M. Mutares had bought the company from Geopost in 2023 and spent the holding period widening its client base, which had depended on a small number of large accounts, investing in the technology and reducing the cost of each delivery through operational changes. Founded in 2021 and based in London, Quiver combines its own technology with couriers it employs directly, serving retailers and brands in the United Kingdom from their own stores and from its micro-fulfilment centres. Its clients include GANNI, APM Monaco and Boggi Milano. Buying Stuart strengthened its position in Britain, where the two overlap, and added operations in France and Poland where it had none. CFI acted as exclusive financial adviser to Mutares.