Norbert Dentressangle acquires TDG for €235m
Norbert Dentressangle has signed an agreement with DouglasBay Capital to acquire 100% of the shares of Laxey Logistics, a holding company that owns TDG. The transaction values TDG at €235 million. Subject to the agreement of the European competition authorities the transaction will create a new group with annualised revenues of €3.6 billion, with stronger positions in transport (€1.95 billion) and logistics (€1.6 billion), as well as delivering critical mass in the strategic freight forwarding sector (€100 million). The transaction is expected to close in mid-January 2011. The purchase will be paid entirely in cash from a combination of Norbert Dentressangle reserves and currently available credit lines. A major European player in transport, logistics and freight forwarding, Manchester-based TDG reported revenue of €795 million in 2009, with EBITDA of €40 million. For 2010, the company estimates its revenues to be around €840 million. 74% of the company’s revenues is generated in the UK, 12% in the Benelux countries, 8.5% in Spain, 4% in Ireland and 1.5% in Germany. The company also operates in Hungary. In total, TDG operates 1.2 million square metres of warehouse space, 1,350 tractor units and 2,600 trailers. Its freight forwarding operations serve mainly Asia (India and the Far East), Turkey and the Americas. Norbert Dentressangle operates across 370 sites in nineteen countries in Europe, North America and Asia. In the UK alone, the company operates across 93 sites, runs 1,000 vehicles, 1,150 trailers and around 1.7 million square metres of warehousing. This strategic transaction will take Norbert Dentressangle’s estimated pro forma 2010 revenues to €3.6 billion euros, 57% from outside France. This increased scale will further strengthen Norbert Dentressangle’s ability to invest in strategic areas such as information systems, engineering and research and development. Due to the strong fit with TDG, 53% of Norbert Dentressangle’s business will be road transport with €1.95 billion in revenues and the largest wholly-owned fleet in Europe (more than 8,000 tractor units and 11,000 trailers). 44% of the business will be logistics with €1.6 billion in revenues and nearly 6.5 million square metres of warehousing; and 3% freight forwarding, with revenues of €100 million and the achievement of critical mass just one year after entering this third sector. Considerable synergies in purchasing and optimisation of back office and IT functions are expected and estimated at €12 million in a full year, before financial costs and tax. No revenue synergies have been taken into account at this stage. Quelle: eyefortransport Portal: www.logistik-express.com |