From Cigar Box and Bathroom Scales to Acquisition, PostNet Sells to MBE

Back in the day, Steven Greenbaum, then age 21, operated his independent pack-and-ship business "out of a cigar box" and with "bathroom scales," as he told Franchise Times in 2008. This week Greenbaum sold PostNet, the franchise system he co-founded in 1992 that today has 660 franchise locations in nine countries, to MBE Worldwide.

MBE operates Mail Boxes Etc., like PostNet offering shipping, logistics, printing, graphic design and postal services. The purchase of PostNet gives Mail Boxes Etc. a strong presence in the U.S., South African and other countries. Combined, the two companies will have nearly 2,300 locations in 33 countries, the company said.

Brian Spindel, co-founder, will continue to serve as president and COO of PostNet. Greenbaum will serve as a consultant to MBE Worldwide on strategic matters. PostNet's headquarters and the existing team will remain in Lakewood, Colorado, and the two companies will maintain their individual names and concepts.

"This move marks the beginning of a new chapter at PostNet," Spindel said in a statement.

Greenbaum, founder and former chairman and CEO of PostNet, and Paolo Fiorelli, chairman and CEO of MBE Worldwide, weren't giving interviews, an outside spokesperson said. But in 2008, he told Franchise Times' Nancy Weingartner Monroe that great leadership comes with great responsibility. "Sometimes you find yourself giving away so much of yourself, so many pieces of yourself, that you're drained," he said.

He said he and Spindel worked well together: "I can see it, and Brian can make it happen."

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