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Deal News – Transportation & Logistics
What's up in your market – a focus on deals activity, April 2011
www.pwc.de
Deal News
Transportation
& Logistics
What's up in your
15.April 2016
market – a focus
on deals activity
Research CenterDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, April 2011
Stic Investments teams South Korean PE Stic Investments has formed a consortium with a
up with Chinese Chinese strategic investor to take over Korean delivery service operator
strategic investor for Logen, according to The Bell on Friday quoting an M&A industry source.
KRW 400bn Logen Stic Investments was shortlisted in Baring PEA’s sale for a 100% stake in
acquisition Logen as a financial investor. The deal value is estimated at KRW 400 bn
(translated) (USD 348.2m).
15.04.2016 The Bell
Postcon National 29% Hermes, the German parcel delivery company, has sold its 29% stake in
stake sold to PostNL by Postcon National to Dutch majority owner PostNL, DVZ said, citing a
Hermes (translated) confirmation from a Postcon spokesperson. Financial details of the
transaction were not mentioned in the report. Ratingen-based Postcon
has annual turnover of EUR 494m and employs around 2,700 staff, the
article added. Postcon National is responsible for the corporate business
within Postcon.
15.04.2016 DVZ
AIT in talks to acquire AIT [TYO:9381], the Osaka, Japan-based freight forwarder, is in
US peer in one to two acquisition talks with a Los Angeles, California-based peer, aiming to ink
months – president a deal in the next one to two months, President Hidekazu Yagura told this
news service. The JPY 17.8bn (USD 163m) market cap company will
retain a certain financial advisor and accountant shortly to this end, he
said, speaking on the sidelines of a company earnings presentation on
Wednesday. AIT would spend several hundred millions of Japanese yen
for this deal, he added. The target is a freight forwarder engaged in
marine container transport, Yagura said, without elaborating. AIT is keen
on expanding into the US, he continued. Cargo volume between China
and the US is almost seven times that between China and Japan, the latter
which AIT has been focusing on. AIT intends to engage in transporting
cargo, such as automotive components, electric components and others
from China, Southeast Asia, and Japan to the US, he added. Currently,
almost 90% of AIT’s total sales come from freight transport between
China and Japan, he said. The company posted overall sales of JPY
21.1bn for the year ended February 2016 (FY15). Concurrently, AIT is
also working on setting up a subsidiary in Los Angeles, for which it plans
to appoint a legal advisor, he said. The LA-based subsidiary would be
launched latest by the end of this year, according to Corporate Officer
Toshiaki Uchida. Meanwhile, AIT could consider acquiring a peer in
Europe, including Germany and Italy, to expand its business, Yagura said.
It would be interested in a freight forwarder engaged in marine container
and air cargo transport. The company currently has a presence in EuropeDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, April 2011
but only through agents. It could also consider acquisitions of a
warehousing company and custom clearing agent in Japan to expand its
domestic business, he noted, without elaborating. The company is
receptive to advisory approaches for either opportunities, he noted.
Through M&A, it intends to reach an overall sales target of JPY 30bn in
the near future, he added. AIT has overseas subsidiaries in China, Hong
Kong, and Thailand, and a representative office in Vietnam. It posted
operating income of JPY 1.5bn in FY15, and JPY 1.6bn in FY14. It had
cash and cash equivalents of JPY 3.1bn at the end of FY15. by Ryuya
Shiga in Tokyo
14.04.2016 Proprietary Intelligence
Rettenmaier Spedition Hergarten, the German steel logistics company, has acquired domestic
acquired by Hergarten rival Rettenmaier Spedition. The deal increases Hergarten's fleet by 15
trucks to 180. Financial details were not disclosed.
13.04.2016 Company Press Release (Translated)
TGK to acquire Trubnaya Gruzovaya Kompaniya (TGK), a Russian rail cargo transport
RailTransholding units company, has acquired entities of RailTransHolding which manage
managing railway railway wagons taken from leasing company VEB-Leasing, reported
wagons (translated) Vedomosti. For the information, the Russian daily cited TGK’s controlling
shareholder Alexander Karmanov, who added that 37,000 wagons are
involved. RailTransHolding owner and Chairman of the Board Sergey
Shpak, has said that negotiations are underway, but the deal has not been
finalised yet. RailTransHolding is a Russian producer and operator or
railway stock. The details of the deal were not disclosed by both
businessmen, Vedomosti reported. Karmanov revealed it is a cash deal.
The article also cited Director General of the analytical agency Infoline-
Analytics, Mikhail Burmistrov, who estimates that the asset may cost
Karmanov no less than RUB 7bn (USD 107.2m). Karmanov owns an
85.5% stake in TGK, Vedomosti reported, quoting Spark-Interfax service
database. Karmanov is also interested in acquiring rolling stock of UVZ-
Logistics, a subsidiary of Russian state machinery group Uralvagonzavod,
the businessman told Vedomosti. The deal could be closed in late April or
at the beginning of May, he noted. All deals will be financed with loans,
Karmanov revealed. TGK currently operates 14,170 rail wagons of which
8,974 are gondola cars, Vedomosti reported, quoting Infoline-Analytics
data. According to the agency, if both deals take place, TGK’s fleet will
reach 81,500 railcars.
13.04.2016 VedomostiDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, April 2011
Panther Logistics LDC has backed the GBP 17m management buyout of Panther Logistics,
acquired in LDC- the UK’s largest independent 2-man next day home delivery provider.
backed GBP 17m MBO Panther, which is headquartered in Northampton, specialises in two-man
and one-man assisted delivery services for major brands and retailers,
including Dunelm, Silent Night and Bosch Siemens Group. It provides
customers with next day deliveries and UK-wide coverage via a network
of eight strategically located regional hubs* and employs 300 people,
expanding to over 800 with additional temporary staff during peak
periods. Its fleet comprises 300 fully-liveried vehicles, whilst its
proprietary IT platform offers market-leading track and trace capabilities
to its end customers. Panther has more than doubled sales in the last two
years to almost GBP 30m, thanks to the continued growth of online
shopping and its reputation for customer focus and service excellence. It
was recently ranked amongst the UK’s fastest growing 100 firms. The
buyout was led by the business’ Managing Director Colin McCarthy,
alongside seven other members of the management team. As part of the
deal, LDC has acquired a significant minority shareholding in the firm,
enabling its founder, Wilson Barrett, to retire. The firm has also
appointed Greg Ball as a Non-Executive Chairman. Ball’s retail career
includes senior positions with Littlewoods and Home Retail Group, where
he was a main board director with responsibility for its home delivery
operations. The transaction was led by LDC Investment Directors Rob
Schofield and Victoria Marcer, who both join the board, and was
supported by senior debt facilities from Santander’s Structured Finance
team in the Midlands. Following the investment, Panther plans to
continue to invest in its operations and develop new service innovations
to support its customers. Colin McCarthy, Managing Director of Panther,
said: “This is an exciting point in the business’ journey for our employees
and customers alike. Bringing on board an experienced investment
partner like LDC provides a springboard for further growth and
investment. We were impressed by the team’s understanding of our
business, LDC’s track record in the sector and their commitment to
helping us achieve our long-term ambitions.” He added: “With the growth
of online shopping forecast to continue, the quality of delivery has
become a key differentiator for many retailers and a key deciding factor
for consumers. We now have the ideal opportunity to consolidate our
position in the market through continued investment and innovation.”
Rob Schofield, investment director at LDC, said: “Panther is a great
example of the type of business we’re keen to support. It has successfully
positioned itself at the forefront of the fast-growing specialist delivery
sector, capitalising on consumer trends that have seen delivery service
come to the fore. The firm has a highly experienced management team
led by Colin McCarthy, and we look forward to working with them to
support their ambitions for further growth and development.” LDC was
advised on the deal by Gowling WLG UK LLP, BDO Birmingham, PwC andDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, April 2011
CIL. Panther was advised by Livingstone Partners LLP and Howes Percival
LLP. LDC is part of the Lloyds Banking Group and backs ambitious
management teams from UK-based companies seeking between GBP 2m
and GBP 100m of equity.
12.04.2016 Company Press Release(s) (Edited)
Transcontainer The European Bank for Reconstruction and Development (EBRD) has
shareholder EBRD sells sold its 9.24% stake in the listed Russian intermodal freight transport
its 9.24% stake to NPF operator TransContainer to NPF Blagosostoyanie, and exited the
Blagosostoyanie company, reported Russian daily Kommersant. EBRD confirmed to
(translated) Kommersant the sale of its stake, without naming the buyer. Non-state
pension fund NPF Blagosostoyanie was named as a buyer by two sources
familiar with the matter, speaking to the paper. NPF Blagosostoyanie
confirmed to Kommersant the purchase of the stake from EBRD. The total
value of the deal stood at RUB 2.75bn (USD 41.5m), the paper reported.
As a result of the transaction, NPF Blagosostoyanie increased its
ownership in TransContainer to a more than 20% stake. The item
reported that before the transaction the fund owned a 11.2% stake in
TransContainer. TransContainer posted RUB 42.5bn (USD 641.2m)
revenue, RUB 6.5bn EBITDA and RUB 2.8bn net profit in 2015 in
accordance with IFRS, the item reported. A 50% stake plus 2 shares in
TransContainer is owned by OTLK (United Transportation and Logistics
Company), which is controlled by Russian state railway group RZD.
Another 24.17% stake in TransContainer is owned by FESCO
transportation group, controlled by Ziyavudin Magomedov’s Summa
Group. According to one of the sources, Summa was eyeing the EBRD’s
stake, but the parties failed to reach an agreement. Summa confirmed
interest in increasing the stake in TransContainer, without commenting
further, Kommersant reported.
12.04.2016 Kommersant
Cesped seeks Cesped, a private Italian general cargo company, is on the lookout for
acquisitions of Italian new acquisitions and is in talks to sell a stake to support its growth,
logistics firms, Chairman and co-owner Rodolfo Flebus said. Management welcomes
evaluating stake sale advisory pitches suggesting potential targets, and it could hire an advisor
should it be introduced to an interesting dossier. Last year, the company
completed three acquisitions of local logistics firms with revenues of EUR
2 to EUR 3 each. Such targets were word-of-mouth, he said, adding that it
has not used advisory help in the past. Cesped now aims to target larger
acquisitions. It would buy companies with a EUR 10m to EUR 15m
turnover based in Italy and active in B2B national or international
logistics. Firms specializing in road, air or maritime transportation would
be desirable takeover candidates, he said, adding that Cesped wants to
increase its Italian market share and work as an aggregator of smallerDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, April 2011
entities. In 2015, the company generated EUR 122m in revenue, with
EUR 5m to EUR 6m EBITDA and EUR 2.5m of earnings before tax. For
this year, it forecasts a EUR 138m turnover solely through organic
growth, he said, adding that to date the group is well under way to
achieving that. Past acquisitions were financed with internal cash
resources, but to support its inorganic growth the company could tap
bank loans. Its debt providers would be Unicredit [BIT:UCG], UBI Banca
[BIT:UBI] and some other regional banks, he said. Cesped is also
evaluating other growth options. It is currently in talks with potential
suitors interested in entering its shareholder base, but is receptive to new
approaches. Flebus said that there are a number of US logistics companies
that are looking at Europe and Italy as interesting markets to tap via
acquisitions, and named CH Robinson [NASDAQ:CHRW] as one of the
potential suitors it is talking to. Management would consider taking on
board strategic investors and could evaluate different options, such as a
minority or a majority stake sale, depending on the offer and the business
plan behind it. Cesped is not interested in partnering with financial
players, he added. Flebus said that logistics sector multiples are pegged at
7x-12x EBITDA and Cesped could fit in the higher part of the range. In its
recent past, the company received approaches valuing the company at 5x
EBITDA and they were turned down, he added. Cesped would not be
interested in exploring a listing, he said, pointing to its competitor Savino
del Bene's failed IPO experience as a deterrent. In December 2013, the
Italian freight forwarding and logistics group called off its planned listing
on the main index of the Italian stock exchange, citing insufficient
demand, as reported. Cesped is 68% owned by the Flebus family through
its Ecosystem holding. The remainder is held by two other private
subjects. Established in 1990 and based in Udine, the company has 360
employees and offices in Trieste, Pordenone, Milan, Padua, Verona and
Turin in Italy, and in Romania and Poland abroad. Flebus named DHL,
Savino del Bene and DB Schenker among its main competitors. by
Valentina Caiazzo in Milan
11.04.2016 Proprietary Intelligence
Malherbe plans The French transportation group Malherbe is to make two acquisitions in
acquisitions the coming months, daily WK Transport Logistique reported citing the
(translated) president Alain Samson. Malherbe targets EUR 300m turnover this year
and EUR 400m by 2018, against EUR 230m in 2015. Samson noted that
this increase will be equally generated through organic and external
growth.
08.04.2016 WK Transport LogistiqueDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, April 2011
LGI Logistics Group The private owners of German logistics provider LGI Logistics Group have
owner hires Rothschild hired Rothschild to pursue a sale, sources familiar with the situation said.
for sale efforts - LGI’s annual EBITDA is around EUR 27m, said the sources. In 2014, LGI
sources generated sales of approximately EUR 258m, up from around EUR 250m
the year before, according to its filed accounts. In its 2015 filed accounts,
the business warned its growth could be impacted by the geopolitical
tensions in the Ukraine and the Middle East, a weak euro currency, and
Germany’s key export market China recording low growth. A
spokesperson for LGI said: “Our owners have received various inquiries
regarding a potential sale of their respective stakes in our company. The
owners of LGI currently consider their options regarding their
investments. This process is completely open regarding its outcome and
the timing of any decisions to be taken. In the meantime, LGI and its
owners continue to work trustfully on the success of our company.” LGI is
a logistics service provider with around 4,000 employees operating at
more than 45 locations across the globe. The company was formed in
1995 as part of an outsourcing venture by Hewlett Packard Deutschland
GmbH and is headquartered in Herrenberg, according to its website.
07.04.2016 Proprietary Intelligence
Trenitalia expresses Trenitalia, an Italian train operator, has expressed its initial interest in
initial interest in TRAINOSE, the Greek state-controlled provider of rail transport services,
TRAINOSE - report Euro2day reported. The Greek-language report cited unnamed sources.
(translated) The new deadline for expressions of interest is 15 April, while the
submission of binding offers is scheduled for 31 May, the report said.
Trenitalia belongs to the Ferrovie dello Stato Italiane Group and it is
100% state-controlled, the report added. The other two interested parties
are Cosco, the Chinese shipping and logistics services supplier company,
and RZD, the Russian Railways, as earlier reported.
07.04.2016 euro2day
MUK-Transthermos Nagel-Group, a German logistics specialist, has acquired MUK-
acquired by Nagel- Transthermos, a domestic peer specialising in frozen goods, for an
Group unspecified amount. Nagel-Group issued the following statement: The
Nagel-Group, active throughout Europe, took over the frozen goods
specialist MUK-Transthermos retrospectively as of 1 January 2016. The
acquisition is still subject to final approval from the responsible
competition regulators. In recent years the Nagel-Group has identified
frozen goods as a strategic business area. Nagel has also continually
invested in its infrastructure, both domestically and abroad. Their
distribution network of storage locations and transshipment terminals
has thereby been adapted and expanded to accommodate frozen goods.
This has led to the development of a very tightknit network in the German
frozen goods sector. With the takeover of MUK-Transthermos, thisDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, April 2011
important business area will grow further. Tobias Nagel, partner of the
Nagel-Group. “With the takeover of MUK-Transthermos we are increasing
our expertise in food contract logistics and supply chain management. In
future we shall be better able to combine in the fresh and frozen areas.
We will be able to offer our clients access to an excellent European
network, with corresponding transport know-how for all shipment sizes.”
MUK-Transthermos has a successful tradition as a supply chain provider.
The company offers over 22 centres for frozen good in Germany and
employs more than a 1,000 workers. In future, the holding company will
also be run from Munich. Marion Nagel, partner of the Nagel-Group: “We
have much experience of integrating highly specialised companies. We
will incorporate MUK-Transthermos’ operations carefully into our
Group.” With the acquisition, the Nagel-Group’s approx. 12,000
employees will generate a turnover of around EUR 2bn. The cost of the
acquisition remains undisclosed. MUK-Transthermos is owned by
German Doblinger Gruppe, a diversified entity, through MUK and
generates between EUR 50m and EUR 100m annual revenue, according
to a corporate information portal.
06.04.2016 Company Press Release*
Evolution Time Critical Metro Supply Chain Group, a leading, Canadian-owned, 3PL solutions
acquired by Metro provider in North America, has completed the acquisition of Europe-
Supply Chain Group based automotive and industrial services emergency logistics specialist,
Evolution Time Critical. The deal provides Metro with an opportunity to
increase its automotive industry presence and, by utilising Evolution
Time Critical’s renowned work within a globalised automotive supply
chain, to further develop its footprint beyond North America. “The
acquisition of Evolution Time Critical is a crucial development for Metro
Supply Chain Group,” says Chiko Nanji, CEO, Metro Supply Chain Group.
“It clearly signals our intention to accelerate the provision of increasingly
comprehensive supply chain solutions for our customers and also
supports our strategy for long-term business growth.” Evolution Time
Critical will remain headquartered in the UK with the existing
management team and dedicated specialists providing the same award-
recognised logistics solutions. Seamless operation will also continue at
Evolution Time Critical Deutschland, the company’s service hub in
Dusseldorf, Germany. However, the backing and extensive infrastructure
provided by Metro Supply Chain Group will enable the emergency
logistics specialist to further enhance its ability to provide bespoke
solutions for time critical and emergency response solutions without
compromising personal support or attention to detail. “Metro Supply
Chain Group has been looking for the perfect opportunity to expand into
new markets and regions and, following a rigorous evaluation process,
Evolution Time Critical was identified as our number one target,” saysDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, April 2011
Martin Graham, Metro Supply Chain Group President. “The companies
share a philosophy for providing an outstanding service that is
uncompromising in quality and relevance to customer requirements. The
acquisition helps us to take a significant step towards creating a world-
leading supply chain group that spans multiple industries.” Evolution
Time Critical traditionally provides a safety net for the automotive and
industrial services industries by offering time sensitive solutions that
counter threats to supply chain integrity, but the way its services are
utilised by vehicle manufacturers and suppliers is adapting: originally a
just-in-time failsafe, emergency logistics expertise is being viewed as an
enabler for the higher risk strategies – such as lean supply, reduced buffer
stocks and contracting lead times – that are required to satisfy
intensifying production schedules. It is also becoming increasingly
common for premium freight to be used strategically as a primary
logistics route for high unit cost components. “We are extremely excited
by the opportunities afforded by Metro Supply Chain Group backing for
Evolution Time Critical; a broadening capacity will ensure that the safety
net protecting automotive and industrial services supply chain operations
has never been as flexibly robust,” says Evolution Time Critical managing
director, Brad Brennan. “We are proud of our proven track record for
crisis aversion and supply chain safeguarding, and now have the platform
from which to expand our capabilities to fulfil long-term ambitions.
Increasing our North American presence will benefit our customers and
help to achieve sustained business growth and a globalised footprint for
Metro Supply Chain Group.” The Canadian supply chain solutions
provider has been established for over 40 years, and its existing European
resources will help broaden Evolution Time Critical’s capability: provision
of enhanced warehousing and stock control systems will allow the
automotive industry to benefit from an evolving emergency logistics
capability that is able to provide a wider range of solutions than ever
before. “Metro Supply Chain Group operates over 12 million square feet
of warehousing that we will be able to make strategic use of, for example,
but beyond enhanced physical capabilities we will also be able to further
develop the support infrastructure of our UK headquarters – including IT
and transport management systems – to provide a truly multimodal
service to our growing customer network,” continues Brennan. “We can
also commit to providing a greater number of large-scale solutions, such
as the movement of vehicle tooling or live production.”
06.04.2016 Company Press Release(s)
Logistics Operator in Russia’s Logistics Operator is in talks with CMA CGM Vienna and several
talks with CMA CGM Chinese investors for the sale of up to a 49% stake in Khovrino Terminal
Vienna and Chinese Logistics (KTL), a source familiar with the situation said. Some
investors for terminal preliminary rounds of talks had been held with CMA CGM Vienna, theDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, April 2011
stake sale Austrian subsidiary of France-based shipping company CMA CGM, but no
legally binding document was signed, the source said. The
representatives of the Marseille-based CMA CGM did not respond to
requests for comment, while its Vienna-headquartered subsidiary could
not be reached for comment. The contacts with the Chinese bidders have
been less productive as the Asian investors seem to be dragging their feet
because they don’t want KTL as a standalone business, but as a stepping
stone to other possible investment deals in Russia, the source said. The
whole of KTL has been conservatively valued at a minimum of USD 150m,
thus putting the valuation of the maximum 49% stake that could be on
sale at not less than USD 75m. The valuation was done in house as part of
the sale process, the source added. KTL is 75% owned by the privately
held Russian 3PL logistics services provider Logistics Operator, while the
balance is held by state-owned Russian Railways Corp. (RZD), the source
added. Logistics Operator is the only partner that is selling its stake, the
source said. RZD, which uses the terminal to process some of its Moscow-
bound cargo, does not plan to dilute its 25% stake nor increase its equity
in KTL, the source explained. Logistics Operator, KTL and RZD did not
respond to comment requests. Logistics Operator is held collectively by
three private Russian investors, who plan to use part of the equity capital
that will be generated from the sale of the 49% stake to bankroll their
other projects in the logistics sector, the source added. KTL is capable of
handling 70,000 TEUs of cargo and offers related logistics and
warehousing services in the Moscow Region village of Khovrino. It has a
capacity to process over 2m tonnes of cargo, ranging from FMCG goods to
all types of industrial wares, per year. The firm has facilities for handling
customs clearances, warehousing and delivery of cleared to their final
destinations in and outside Moscow, according to its official data. by
Christopher Kenneth in Moscow
06.04.2016 Proprietary Intelligence
MUK-Transthermos The Nagel-Group, active throughout Europe, takes over the frozen goods
acquired by Nagel- specialist MUK-Transthermos retrospectively as of 1 January 2016. This
Group acquisition is still subject to final approval from the responsible
competition regulators. In recent years the Nagel-Group has identified
frozen goods as a strategic business area. Nagel has also continually
invested in its infrastructure, both domestically and abroad. Their
distribution network of storage locations and transshipment terminals
has thereby been adapted and expanded to accommodate frozen goods.
This has led to the development of a very tight-knit network in the
German frozen goods sector. With the takeover of MUK-Transthermos,
this important business area will grow further. Tobias Nagel, partner of
the Nagel-Group: “With the takeover of MUK-Transthermos we are
increasing our expertise in food contract logistics and supply chainDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, April 2011
management. In future we shall be better able to combine in the fresh and
frozen areas. We will be able to offer our clients access to an excellent
European network, with corresponding transport know-how for all
shipment sizes.” MUK-Transthermos has a successful tradition as a supply
chain provider. The company offers over 22 centres for frozen good in
Germany and employs more than a thousand workers. In future, the
holding company will also be run from Munich. Marion Nagel, partner of
the Nagel-Group: “We have much experience of integrating highly
specialised companies. We will incorporate MUK-Transthermos’
operations carefully into our Group.” With this acquisition, the Nagel-
Group’s approx 12,000 employees will generate a turnover of around
EUR 2bn. The cost of the acquisition remains undisclosed.
05.04.2016 Company Press Release(s)
SECTOR REVIEW: have concentrated their own plants in the Madrid area – Catalonia,
HORECA logistics Andalusia and Levante – and reach the rest of the territory with
sector in Spain gains collaborators and outsourced transportation, for example Conway
ground in catering and partners with Transportes Frigoríficos Narval in Extremadura and Galicia;
hotel industries with Trans Temp Control in Galicia; Acciona in the Canary Islands;
Transfriebro and Fay-Frío, among others. Havi Logistic uses its
Portuguese unit to operate in Galicia and completes its distribution
throughout Spain with subcontractors. Increased activity and frequency
of deliveries determines the increased and specialised warehouse
structure and logistics for HORECA operators. For example, last year
Conway transferred year its operations in Seville to a larger warehouse
located in Dos Hermanas. In November it launched a second centre in
Barcelona, dedicated to a limited number of goods with high rotation and
requiring the three temperatures.
05.04.2016 Alimarket
Wandt shareholder Adalbert Wandt, shareholder and longtime director at German logistics
Adalbert Wandt exits company Wandt Spedition Transportberatung, has exited the company at
company - report age 66, DVZ reported. The unsourced article said that his nephew
(translated) Anthony Wandt took over his management post, with Anthony gaining a
35% stake in the business. Adalbert Wandt's brother Gerhard (30%) and
his daughter Aline (35%) are the other members of the management
team. Financial details of the transaction were not supplied. Adalbert
Wandt remains the sole owner of the eponymous company providing
services to logistics companies, the article added.
04.04.2016 DVZDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, April 2011
Renfe executive Pablo Vázquez , executive chairman of Renfe, said in an interview with
chairman thinks it the Financial Times that the Spain’s state-owned train company should be
should be privatised privatised. Vázquez told the paper that Renfe should be sold on the stock
market with the state retaining a controlling stake, in an operation similar
to the part-privatisation of airports concern Aena. Whether the next
Spanish government will agree is not known, the paper said. The
country’s main political parties are still in discussions over the
inconclusive results of December’s elections and a left-of-centre
government is unlikely to privatise Renfe, according to the report. In
2015 Renfe made its first ever profit thanks to cost savings and price
increases at peak times, reporting net earnings of EUR 37m, the paper
noted. According to Vázquez , Renfe has proven it can manage one of the
world’s largest running stock networks and do so at a profit.
Renfe could to become a great international railway operator, taking on
competition for international high-speed rail contracts from companies
from China and Japan, Vázquez said. The potential market could be
worth USD 133bn by 2019, up from USD 112bn in 2014, the paper noted
citing a study from US consultant BCC. Up until now, Renfe has been
awarded contracts in Saudi Arabia (to run the Mecca-to-Medina railway
for 12 years) and in Brazil and Mexico. Vázquez said the company should
be specially present in Latin American countries.
27.03.2016 Financial Times
Brinker Fetten Logistik Brinker Fetten Logistik [BFL], a German logistics group, has successfully
enters administration filed for a restructuring process under administration at a regional court
(translated) in Duesseldorf. A German-language statement issued by Buchalik
Broemmekamp, a consulting company that has been hired to assist the
restructuring, said that BFL expects to complete the process by the end of
the year at the latest. Volker Schreck, a restructuring expert, will run BFL
together with Ludwig Fetten, the current chief executive of BFL. During
the restructuring process, BFL will be supervised by a preliminary
administrator. The administrator appointed to BFL is Georg F. Kreplin, a
lawyer at Kreplin & Partner. BFL has 65 employees and generates EUR
9m annual revenue, according to a corporate information portal. Link to
full statement (German)
24.03.2016 Company Press Release*
Ferrovie in advanced Ferrovie dello Stato (FS), the Italian railway group, is in advanced talks to
talks to acquire Atac acquire municipally-held transport company ATAC, according to the
(translated) Italian newspaper Il Tempo. The report cited Renato Mazzoncini, FS’
chief executive, who confirmed that negotiations are underway and that
if FS does not acquire it, the company could be targeted by foreign
investors. A previous report in 2012 claimed that the city of Rome, theDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, April 2011
owner of ATAC, was looking to sell a 40% stake. Mazzoncini also told Il
Tempo that his group is interested in the privatisation of the Greek
Railways, which is worth nearly EUR 100m. Other potential bidders for
such a target are Chinese and Russian companies, concluded the report.
23.03.2016 Il Tempo
Sovfracht eyes stake JSC Sovfracht, a Russian freight-forwarding and related logistics services
sale alongside provider, plans to sell less than 25% of the company as a part of its
acquisitions and joint growth funding strategy, managing director of Sovfracht Management
ventures Co, Andrei Shtyrba, said. Sovfracht Management Co was established in
2010 to oversee the strategic and operating management of Sovfracht’s
activities that are run via a raft of subsidiaries and business units.
Sovfracht will only entertain offers from strategic investors capable of
bringing benefits and competences additional to capital commitments. At
the same time, the company is also looking for potential acquisitions,
Shtyrba added. The Moscow-based company provides integrated
transport and logistics services, with a focus on transporting oil products
by rail, using its own and leased rolling stock. These operations will form
the core of searches for potential targets. Management intends to target
players with comparable operations as well as peers with larger or smaller
operations, Shtyrba said without identifying any specific companies.
Sovfracht, which generates annual average sales exceeding USD 1bn, has
the financial might to pursue several targets simultaneously, Shtyrba
said. The group generated gross revenues of RUB 6.3bn (USD 108.31m)
and EBITDA of RUB 346m from freighting 4.8m metric tonnes of cargo,
according to its 1Q15 financial report. Some past deals in this space have
been concluded on valuations based on multiples of 0.9-1.2x gross annual
revenues, 6.5-10x net profits, 11.5-12.5x EBIDTA, and 10.5-15.5x annual
volume of freighted cargoes, a sector investment banker said. These
sector deal multiples could be used by Sovfracht to gauge the size of
possible transaction, in terms of both partial divestment or acquisition of
peers, the banker added. In the absence of feasible targets, Sovfracht
would review joint venture partnerships to help handle part of its logistics
operations, including the logistics services it offers Yamal LNG, of the
group's key clients in this space, Shtyrba said. The ownership of any such
JV would be negotiable as Sovfracht plans to review options ranging from
a 50/50 deal to other equity ratios proposed by the incoming partners,
the executive added. The partial divestment, acquisition and JV strategies
are all aimed at enabling the company to access the latest industry
technologies, market expertise and other business resources lacking in
Sovfracht’s arsenal, Shtyrba said. These considerations disqualify pure
financial investors. Management has in-house advisers to oversee partial
divestments, acquisitions and JV deals, irrespective of their complexity or
financial structure, Shtyrba said. Sovfracht employs more than 1,000Deal News – Transportation & Logistics
What's up in your market – a focus on deals activity, April 2011
staff, he added. The company has a track record of long-term cooperation
with local and foreign corporations, including Rosneft, TAIF, Sibur,
Yamal LNG, Technip and Bor Glass Works, according to its official
website. by Christopher Kenneth in Moscow
23.03.2016 Proprietary Intelligence
Arvato seeks Arvato, the international technology and logistics service unit of
acquisitions in Spain; Bertelsmann, is on the lookout for acquisitions in Spain, Expansion
has talked to at least reported citing Arvato CEO and chairman of Bertelsmann Espana
three potential targets Fernando Carrro. The executive told the paper that Arvato had negotiated
(translated) with least three potential targets - two pharmaceutical logistics
companies and a debt-recovery firm, but that the parties failed to reach
an agreement. Arvato keeps looking, Carro said. Spain brings Arvato
around EUR 200m of its total annual turnover, the Spanish-language
report noted. In 2015, Arvato reported EUR 4.847bn sales, up 4% on the
previous year - including EUR 200m in Spain - and operating EBITDA of
EUR 394m, Expansion said.
. 23.03.2016 Expansion
SG-Trans: AFK Sistema AFK Sistema [MCX:AFKs], the Russian conglomerate, has found a buyer
finds a buyer for its for its 50% stake in railcar operator SG-Trans, reported Vedomosti,
50% stake (translated) quoting Sistema main owner Vladimir Evtushenkov, who did not reveal
the buyer's name. According to Evtushenkov, Sistema is exiting SG-Trans
with profit, by selling the stake above the purchase price, the Russian
daily reported. The report did not provide any financials. As previously
reported, the group acquired SG-Trans in 2012 for RUB 22bn (USD
325.4m), afterwards it sold a 50% stake for RUB 8.5bn.
23.03.2016 Vedomosti
TRAINOSE and Rosco HRADF, the Greek privatisation agency, announced today, 21 March, the
bidding deadline following: "The Board of Directors of HRADF decided to amend the
extended timetables for the international tenders regarding the sale of 100% stake
in TRAINOSE and EESSTY (Rosco). HRADF has received requests from
three potentially interested investors of TRAINOSE extending the
deadline for submitting the Expression of Interest, which was set for
21/03/2016. Regarding the tender process of EESSTY (Rosco), the Fund
received a request from an interested investor in order to extent the date
for submitting binding offers (was set for 28/03/2016) on the grounds
that the agreement between the Greek government and Institutions
should be completed and two critical bills, tax and social security &
pension reforms be approved by the Greek parliament, which affect the
financial bids to be submitted. The Board of HRADF, having these in mind
and in order to successful complete the tender processes for the railwayDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, April 2011
companies, decided to change the key dates of the schedule as follows:
TRAINOSE New deadline for submitting the initial interest 15/04/2016.
New deadline for binding offers from 26/04/2016 to 31/05/2016.
EESSTY (Rosco) New deadline for binding offers from 28/03/2016 to
31/05/2016."
22.03.2016 Government Press Release (edited)
Spear Logistics Ambit Pragma sold its majority stake in Pune-based Spear Logistics
acquired by FM Private, to FM Logistic, leading international logistics provider. Ambit
Logistic Pragma, a Small Cap (SME) Growth and Buyout fund with approximately
USD 150m under management, had invested in Spear in 2009. FM
Logistic is in the fields of warehousing, transport and packing. As an
independent and family-run Group, it is one of the leaders in the
consumer goods, distribution, perfume/cosmetics, manufacturing and
health markets. Present in Asia, Eastern Europe, Central Europe and Latin
America with 19,500 staff members, FM Logistic's revenue was EUR
1.066bn at 31 March 2015, up by 10.2 % (at constant rates) on the
previous financial year. "Only about 8-10% of the market is catered to by
organized players like Spear. While the Indian market is not yet as
organized and sophisticated as some of the global counterparts, we are
pleased to have witnessed Spear's growth over the years. I am confident
that FM Logistics global expertise in this domain will help Spear move to
the next orbit of growth," said Mangesh Pathak, Partner, Ambit Pragma.
Ambit Pragma is a SME private equity fund focused on investing in
Logistics, Healthcare, Media and Entertainment and FMCG Sectors. In
India the contract logistics industry is a USD 2.5-3.0bn market. The
organised market is estimated to be growing at 15-20% annually. "We
have benefitted immensely from the strategic and operational inputs
received from Ambit Pragma over the years. Our next stage of growth will
benefit immensely from this partnership with FM Logistic, and with the
advantage of their global expertise we are confident of becoming a
market leader in the Indian organized logistics space," said Gautam
Dembla, CEO, Spear Logistics. According to daily Capital Finance, Spear
Logistics generates EUR 18m turnover with 1,600 employees.
21.03.2016 Company Press Release(s)
PCT Private Car Train Rail Cargo Group, a freight subsidiary of state-owned Austrian railway
acquired by Rail Cargo group OBB, has acquired PCT Private Car Train, a German rival, for an
Group (translated) undisclosed fee, Frankfurter Allgemeine Zeitung [FAZ] reported.
Christian Kern, the chairman of OBB, confirmed the deal in the German
language newspaper. Kern refused to disclose a deal value, but revealed
that PCT Private Car Train currently generates approximately EUR 90m
annual revenue. The vendor is ARS Altmann, a family-owned German
logistics conglomerate. Rail Cargo Group has 8,000 employees andDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, April 2011
generates an annual turnover of EUR 2.2bn. ARS Altmann generates
approximately EUR 200m annual revenue. The original article was
published in today’s print edition of FAZ on page 22 (“Unternehmen”
section).
19.03.2016 Frankfurter Allgemeine Zeitung
Pol-Miedz: PKP Cargo The management of PKP Cargo, the listed Polish railway cargo group, is
no longer in talks to no longer in talks to acquire Pol-Miedz Trans, a railway unit of listed
acquire company copper group KGHM, Parkiet reported, citing the management. PKP
(translated) Cargo’s management, however, does not exclude a possibility of resuming
the negotiations, once the company finalises a transaction with PKN
Orlen, the Polish daily reported. PKP Cargo is in the process to acquire
railway companies from listed Polish fuel group PKN Orlen and still
awaits consent from the Polish antitrust regulator for the transaction,
Parkiet reported. The management of PKP Cargo is interested in
conducting further acquisitions in the logistics sector in Poland and
Europe, but only after the finalisation of the acquisition of PKN Orlen’s
railway companies, said the report. The Polish daily, which cited PKP
Cargo CEO Maciej Libiszewski, also reported that in 2015, the group
posted PLN 4.55bn (USD 1.2bn) consolidated revenue and PLN 31.4m
net profit. As reported, PKP Cargo is to acquire Orlen Koltrans and ZCP
Euronaft Trzebinia from PKN Orlen group, in a transaction worth more
than PLN 250m.
19.03.2016 Parkiet
RZD CEO says Russian Railways (RZD) is mulling the acquisition of foreign railway
company considers buy monopolies and design centers, according to a newswire report, quoting
of foreign design the state-owned Russian railway group’s president. TASS cited RZD
centres, railway President Oleg Belozerov, speaking to Rossiya-24 television broadcaster
operators (translated) today, 17 March. RZD is likely to acquire in certain countries, according
to Belozerov, who did not name any specific countries. The company will
likely acquire design institutes which are holders of certificates and
licenses, Belozerov added. In addition, RZD is discussing a potential buy
of a railway operator. Currently, the estimated value of RZD is between
RUB 2trn-RUB 4.5trn (USD 29.2bn-USD 65bn), according to Belozerov.
The article also reported, quoting the president, that in 2016 the
company plans to get approximately RUB 15bn (USD 218m) from the
National Wealth Fund (NWF). The funds will be used on the rail
construction projects Baikal-Amur Mainline (BAM) and Trans-Siberian
Railroad, this year. Belozerov noted that together with RUB 45bn of NWF
funds that RZD already has, the entire figure will be RUB 60bn. Belozerov
believes that in 2016, RZD will use approximately RUB 140bn-RUB
150bn, the report added.Deal News – Transportation & Logistics
What's up in your market – a focus on deals activity, April 2011
17.03.2016 Tass
Conference Insight: Transport sector companies in Lithuania are working to ensure fresh
Lithuanian transport cargo flow through the country while the state pours money into the
sector players seek new infrastructure structure and backs a Chinese attempt to enter the market,
freight contracts, eye said industry executives, bankers and officials surveyed by Mergermarket
Asia at the Lithuanian Economy Conference in Vilnius earlier this month.
Mergermarket data shows there were 264 deals in the transport sector in
2015 involving European bidders, sellers and targets. Their total value
stood at EUR 41.5bn. CEE and Baltic activity accounted for 3.5% of total
European M&A deal value, with 43 deals worth EUR 1.5bn announced
last year. Mergermarket intelligence in the past 12 months shows there
were several Lithuanian transport sector companies looking for domestic
or foreign acquisitions. By way of example, road transport company
Girteka acquired a 40% stake in Danish peer Thermo-Transit in
November 2015. An airline Small Planet Group is looking to raise EUR
50m to fund its acquisitions in Asia, as reported in February. The
Lithuanian government was offered a stake in the Latvian state-backed
airline AirBaltic, as reported in June. AirBaltic has raised a EUR 52m from
a private investor at the end of last year, but continues to look for a
strategic bidder. The transport sector is the third largest contributor to
Lithuania’s GDP after manufacturing and retail, which constitute more
than 12% of the GDP, which stood at EUR 37.2bn last year, according to
public data. The sector has the potential to become one of the country’s
growth forces, since being on the eastern EU border Lithuania could grow
into the region’s transportation and logistics hub, said Zygintas Macenas,
managing partner at Summa Advisers. The sector will see the
development of major infrastructure projects co-funded by the EU in the
coming years such as the ongoing Rail Baltica, which is aimed at building
a new European standard gauge across the Baltics to connect Warsaw,
Kaunas, Riga, Tallinn and Helsinki, several executives said. Lithuania
now has a chance to significantly increase its cargo flows from Asia, as it
has been included in the Chinese Belt and Road transportation initiative,
said Mindaugas Reinikis, the head of the Lithuanian Association of
Aviation and former corporate affairs director at the state railway
company Lietuvos gelezinkeliai. China Merchants Group (CMG), a
transportation group, is eyeing investment opportunities in Klaipeda port,
according to Arijandras Sliupas, the Lithuanian vice minister for
transport, who gave a presentation at the conference. The state is
interested in attracting CMG or any other Chinese company to the port, as
it would bring additional taxes to the state, Sliupas said, adding Klaipeda
competes with the Latvian Riga port for CMG. CMG is in contact with the
Luxembourg- and Netherlands-based Terminal Investment over the
acquisition of its Lithuanian container terminal Klaipedos Smelte,Deal News – Transportation & Logistics
What's up in your market – a focus on deals activity, April 2011
according to a recent news report. Lietuvos gelezinkeliai Lietuvos
gelezinkeliai, the Lithuanian state-owned railways, is seeking new large-
scale freight opportunities in markets such as China and Poland, deputy
director Saulius Stasiunas told Mergermarket at the event. In November
2015, the company formed a joint venture with a Chinese logistics
company China Merchants Logistics Holding, as reported. Lietuvos
gelezinkeliai expects to see the cargo rise from China this year, when the
partnership accelerates, Stasiunas said. For example, this month the
company started a new freight train route from the western Chinese city
Urumqi through Lithuanian train station Sestokai to Germany, according
to Stasiunas. The company is also seeking to enter the Polish market to
serve local freight going to the Baltics, Stasiunas said, adding that nobody
currently serves such a rail route. The Polish direction is strategically
important to Lietuvos gelezinkeliai, because of the Rail Baltica project,
according to Stasiunas. The company has been mulling acquisitions as a
route to enter the Polish market, but instead decided to operate there
with locally rented locomotives, Stasiunas said. Polish acquisitions may
return to the agenda in a few years, Stasiunas added declining to
elaborate on the subject. Lietuvos gelezinkeliai is also serving the
Belarusian freight which typically needs access to the Lithuanian Klaipeda
port. The company is also actively seeking new freights in Scandinavia, as
well as in the Black Sea region, according to Stasiunas. Lietuvos
gelezinkeliai reported sales of EUR 328.2m during January-September
2015, with a net profit of EUR 10.3m. Klaipeda port The Lithuanian state-
owned Klaipeda port will focus on expanding its foothold to be able to
take new investors this year, Arturas Drungilas, director of marketing and
corporate affairs, told this news service. The fresh territories could be
offered to new tenants, as the port does not have any new site for green-
field investments, Drungilas said, adding that new cargo handling
companies can now only enter the port through M&A. The new port’s
territory plan will be ready next year. Ideally, the port’s authority would
like to attract manufacturing companies interested in importing raw
materials and exporting its products through the port, Drungilas said.
Klaipeda port reported sales of EUR 40.65m during January-September
2015, with a net profit of EUR 19m over the period. Simatra Simatra, the
Lithuanian private road transportation government will fund three
strategically important transport infrastructure projects in the country in
the coming years, Vice Minister for Transport and Communications
Arijandras Sliupas said at the Lithuanian Economy Conference. The key
projects include the development of an international highway Via Baltica,
building a new EU standard gauge Rail Baltica, and the dredging of
Klaipeda port, Sliupas said. There is EUR 1.47bn financing available for
the transport sector from EU funds till 2020, and around 42% of it will go
for the Rail Baltica project, according to Sliupas. Sliupas also named the
25-year concession tender sale of the state-owned airports companyDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, April 2011
Lietuvos oro uostai (LOU) among the top priorities in the coming years.
The concession tender is expected to be announced this autumn, but LOU
has already seen interest from foreign infrastructure operators such as
Spain's Ferrovial [BME:FER], Germany's Fraport [FRA:FRA] and
AviAlliance, UK-based Manchester Airports Group and France's Vinci
[EPA:DG], as reported by this news service. by Agne Mazeike with
analytics provided by Katharine Dennys
16.03.2016 Proprietary Intelligence
Trenitalia, Cosco and Trenitalia, an Italian train operator, is planning to bid for TRAINOSE, a
Russian Railways Greek state-controlled provider of rail transport services, Kathimerini
interested in reported. The Greek-language report cited unnamed sources. The other
TRAINOSE - report two interested parties are Cosco, a Chinese shipping and logistics services
(translated) supplier company, and RZD, the Russian Railways, the report said. Watco
Companies, the Kansas-based, short-line rail operator, and France’s SNCF
Participations, are not expected to participate in the TRAINOSE
privatization tender, the report added. The deadline for expressions of
interest is 21 March, while the submission of binding offers is scheduled
for 26 April 2016, the report said. Trenitalia belongs to the Ferrovie dello
Stato Italiane Group and it is 100% state-controlled, the report added.
16.03.2016 Kathimerini
AGRO Merchants AGRO Merchants, the Spanish cold storage and logistics company, is
actively seeks short actively seeking acquisition opportunities to triple its operations in Spain
and medium term and Portugal, Alimarket reported. In an interview with the Spanish-
acquisition language paper, Carlos Rodríguez, president of AGRO Merchants Group
opportunities in Spain Europe, said that the company was looking for and analysing short-term
and Portugal and medium-term deals. Private equity firm Oaktree-backed AGRO
(translated) Merchants is building up a European and world-wide network of
warehouses for its clients, Rodriguez said. The company initiated its
activity in 2013 and since then it has expanded its operations to eight
countries with 53 installations and more than 700,000 sq m2 of
temperature controlled storage, Alimarket said. As reported, on 8 March
AGRO Merchants Group announced the acquisition of Almacenes de
Productos Congelados (APC), Insofrisa S.A. and Zarantapec S.L, located
in Spain, from the DRS Group. The companies had a joint annual
turnover of EUR 10m, Rodriguez told Alimarket.
16.03.2016 Alimarket
Globe Express Services Globe Express Services (GES), a Charlotte, North Carolina-headquartered
seeks logistics buy in logistics company, is looking to make an acquisition in Antwerp, Belgium
Belgium in 2016, President and CEO Mustapha Kawam said. GES is looking to
acquire a 100% stake in a local company with revenues of up to EUR 20mDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, April 2011
that is “strong in customs brokerage and local transportation”, he said.
The company is looking for a target "specifically" with a footprint in
Antwerp to be able to service customer requirements for clearance, local
delivery and transportation, he said. GES is about to start initial
discussions with a potential target. The USD 285m turnover GES
welcomes approaches from advisors with other potential targets and
could mandate an advisor on a success fee basis, Kawam said. In Europe,
GES has a strong presence in France, Italy and Switzerland and is now
seeking to have a presence in Belgium to support the French and Swiss
markets, Kawam said. GES will also consider opportunistic transportation
and warehousing buys in US states the company is not currently present
in, he said. Advisors with potential targets can approach GES. In the US
GEC has a presence in Houston, Dallas, New York, LA, Boston and
Charlotte, Kawam said. In mid-2017, GES will mandate an advisor to help
with a growth and new market entry strategy. The mandate will include
identifying potential acquisition targets for 2018. The markets GES is
considering entering and making acquisitions in, in 2018, are West
Africa, Argentina and Mexico, Kawam said. The company’s business
activities include land, ocean and airfreight warehousing, consolidation
and deconsolidation, order fulfillment, dangerous goods storage and
transportation and third party logistics services and project handling. GES
has around 940 employees and 55 offices worldwide. It has in-house legal
financial due diligence capabilities, Kawam said. GES is owned by Bahaa
Hariri from Lebanon, he said. By Ruth McKee AlGhamdi
15.03.2016 Proprietary Intelligence
Contact
Bernhard Möller Andreas Mackenstedt
Marie-Curie-Straße 24-28 Marie-Curie-Straße 24-28
60439 Frankfurt 60439 Frankfurt
bernhard.moeller@de.pwc.com Andreas.mackenstedt@de.pwc.com
Tel.: (069) 95 85-10 33 Tel.: (069) 95 85-5704Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2011 Legal Disclaimer: The information included in this Newsletter is only meant for general information purposes and not intended to replace consultation with respect to concrete technical advice. We accept no responsibility for any actions taken as response hereto. While we have made any attempt to ensure that the information contained in this Newsletter has been obtained and arranged with due care, we accept no responsibility for the completeness of the information. Certain references in this Newsletter provide you with further information or with pronouncements maintained by third parties over whom we have no control. We make no representations as to the completeness or any other aspect of such information or pronouncements. The Newsletter is solely meant for your information; the Newsletter or copies thereof shall not be passed in whole or in part to any third party and is not to be published or referred to in a public document, the internet or any other public media. We would like to emphasize that the special features of electronic mails incur the danger of technical problems (e.g. caused by viruses). Therefore we may not accept any responsibility for the integrity of our e-mails after they have left our sphere of control. © Februar 2009 www.pwc.de
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