Den Hartogh and InterBulk to create global logistics service provider
Combination will be well-positioned to facilitate growing global customer demand in the chemical industry with its worldwide presence and dense European network
The Boards of Den Hartogh Holding B.V. and InterBulk Group plc have reached an agreement on and recommend the intended acquisition by Den Hartogh of the entire issued share capital of InterBulk. Den Hartogh and InterBulk have complementary strengths and geographical footprint. After completion, they will together form a global top 3 logistics provider for the chemical industry.
Den Hartogh will offer shareholders 9 pence for each InterBulk share. This represents a premium to the closing share price on 22 December 2015 of 125 per cent. and a premium of 109 per cent. to the average closing price over the past 12 months. The transaction consideration represents a value of approximately GBP 42.1 million (approximately EUR 57 million) for InterBulk’s entire issued share capital. Including the net debt of GBP 53.2 million (approximately EUR 72 million) the total enterprise value amounts to GBP 95.3 million (approximately EUR129 million).
Family-owned Den Hartogh, headquartered in Rotterdam, The Netherlands and led by third generation family member Pieter den Hartogh, through this acquisition continues the successful growth path it started in 1920. The company is already a leader in Europe and has in recent years made remarkable strides in expansion into other continents. Joining forces with InterBulk, with its strong global footprint, will enable Den Hartogh to make a step-change and acceleration in its international strategy, in important growth markets such as China and the US.
Following the integration, Den Hartogh will be well-positioned to facilitate customer demand with its worldwide presence and dense European network. The combination will create a stronger, global organization and offer enhanced service portfolio and significant operational benefits to customers. In particular, Den Hartogh should be able to benefit from InterBulk’s relationship with Sinotrans, one of China’s largest logistics companies.
The new combined company will be able to grow its global position leveraging the competencies of almost 1,600 employees and a combined asset base of approximately 25,800 liquid, gas and dry bulk containers, 550 trucks, 400 road barrels, as well as offices in 23 countries. Employees of both companies will have opportunities for professional growth as part of an ambitious, strong, caring and people-centric company. The new combination will continue with the brand name Den Hartogh and with its headquarters in Rotterdam, the Netherlands.