Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, August 2014 www.pwc.de
Deal News Transportation
& Logistics What's up in your
15. August 2014 market – a focus Research Center on deals activity
Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, August 2014
CS Conti-Service Lando, the German logistics company, has acquired a 50% stake in 50% stake acquired Hamburg-based peer CS Conti-Service Internationale Spedition, DVZ by Lando reported, citing a company statement. The article did not supply any (translated) financial details.
13.08.2014 DVZ
PKP Cargo aims to PKP Cargo, a listed Polish rail cargo company, is in talks to buy Polish close several and other European logistics operators before the end of 2014, acquisitions by the spokesperson Miroslaw Kuk said. "We are focusing especially on areas end of 2014 where we are not yet very active," Kuk said. PKP Cargo operates individual services in eight European countries: Austria, Belgium, the Czech Republic, Germany, Hungary, Lithuania, the Netherlands and Slovakia. Kuk did not say which countries were being targeted for acquisitions. PKP Cargo will use its financial surplus to fund acquisitions but has no fixed acquisition budget. The company is also weighing up a number of other possibilities to finance planned acquisitions, with external finance also likely. As part of a consortium with Polish coal trader Weglokoks, PKP Cargo is in talks to buy Port Gdanski Eksploatacja (PGE), the major cargo operator at the Port of Gdansk, Kuk confirmed. "The possible purchase of PGE will expand our logistics competencies, which is crucial, as the role of Polish docks and harbors is increasing," Kuk said. The owner of PGE, Port of Gdansk Authority, will decide which potential buyers will go ahead with due diligence later this year from a shortlist including Rhenus Port Logistics, Morski Terminal Masowy Gdynia, Erontrans and Malta-based Mariner Capital Limited.
13.08.2014 Proprietary Intelligence
Mechel in talks with Mechel, the Russian listed metals and mining group, is in talks with the RZD on sale of Ulak- state-owned railway operator RZD on the sale of its Ulak-Elga railway, Elga railway - report reported Vedomosti, citing a source close to Mechel. Ulak-Elga railway (translated) provides railway access to Mechel’s Elga coking coal deposit, the Russian daily reported. Last week, Russia's Ministry of Finance, Federal Tariff Service, Mechel’s creditor banks, RZD and Mechel resumed talks on the sale of Ulak-Elga to RZD, the paper reported citing five participants of a special meeting held by the Ministry of Finance. Mechel’s creditor banks could provide funds to RZD for the purchase, and then Mechel would repay part of its debts using money received from RZD, according to the sources. Among Mechel’s creditors are Russian lenders Sberbank, VTB, and Gazprombank, said the report. The price for Ulak-Elga, of RUB 71bn (USD 1.96bn), is actually the cost of Mechel for the construction of the railway, one of the sources told Vedomosti.
13.08.2014 Vedomosti
Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, August 2014
Aegeus Transport Maritime Group Limited has acquired Aegeus Transport Limited - the acquired by holding company for Roadways Container Logistics Limited, Maritime Group (Roadways). The acquisition includes the entire company, employees and assets of Roadways, the fourth largest container transport company in the UK. "This is an exciting and strategic move and a really excellent fit with Maritime. Altogether the combined business will provide much greater scale, scope and services for customers," said John Williams, Group Managing Director. The deal includes 374 employees, a fleet of 241 vehicles, sites at Hainault, Felixstowe, Leeds, Manchester, Nursling in Southampton and the company's state-of-the-art Birmingham Intermodal Freight Terminal (BIFT) at Birch Coppice in Tamworth. The combined business will operate a fleet of over 1,300 vehicles and a transport and storage network with Railports at Tamworth and Tilbury and depots at every major gateway and consumer conurbation.
11.08.2014 Company Press Release(s)
Ferrovie dello Stato Ferrovie dello Stato, Italy's state-owned railway operator, is working on working on IPO; the IPO plans, reported Italian language daily Il Messaggero and most of could issue bond the Italian press quoting chief executive Michele Mario Elia. He was quoted as saying that chairman Marcello Messori is in charge of the project. Elia did not want to give a timeline. When asked about launching a bond, Elia said this could be a possibility depending on company requirements. Ferrovie has already issued EUR 1.35bn bonds as part of a EUR 4.5bn programme.
07.08.2014 Il Messaggero
Transoil plans to Transoil, the Russian, Gennady Timchenko-controlled rail operator buy 100% of specializing in the transport of oil and petroleum products, plans to Neftetransport, files acquire a 100% stake in peer Neftetransport, reported Kommersant. application to FAS Transoil has confirmed to Kommersant that it has filed an application to (translated) Russian antitrust regulator FAS to acquire a 100% stake in Neftetransport. The Russian daily learned from FAS that the application was filed on 30 July. Experts value Neftetransport at RUB 4.5bn (USD 124.7m), the item reported.
06.08.2014 Kommersant
Esas Holding and Esas Holding and Actera Group, the investment firms, have reached an Actera reach agreement to buy Turkish freight company UN Ro-Ro, according to a agreement to buy report in Dunya. The report noted, based on an official announcement Un Ro-Ro from KKR by Esas and Actera, that the parties have reached an agreement on 1 [translated] August with KKR to buy UN Ro-Ro. The financial details and conditions of the sale were not disclosed. Morgan Stanley advised Esas and Actera on the deal. KKR had bought a 97.6% stake in Un Ro-Ro for EUR 910m in 2007. Previously, on August 4th, DFDS said that it will no longer be part of the sales process.
05.08.2014 Dunya; Company Press Release(s)
Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, August 2014
Izletnik Celje puts Izletnik Celje, a privately owned Slovenian travel agency, has put up for Viator & Vektor sale its 100% stake in transportation company Viator & Vektor Romania, Romania up for sale Wall-Street reported. The Romanian language daily cited a company (translated) announcement that said potential investors should send their letters of interest by 8 August. Viator & Vektor Romania generated a turnover of RN 58.8m (EUR 13.3m) last year with 140 employees and 100 trucks, according to the report. A separate report by the Slovenian language daily Dnevnik noted that Izletnik acquired the Romanian company from Viator & Vektor Logistics in 2010, before the latter’s bankruptcy. Though Viator & Vektor Logistics’ liquidator sued Izletnik for abuse of authority and defrauding creditors, a Slovenian high court rejected the complaint a few days ago, the report said.
04.08.2014 Wall-Street; Dnevnik
RZD and Sistema- Russian state railway operator RZD and Sistema-Service, the Service to sell 25% shareholders of RZD–Razvitie Vokzalov (RZD-RV), by the end of August plus one share in are expected to agree to sell 25% plus one share in RZD-RV to Russian RZD-RV to RIA investment agency RIA, Kommersant reported. The Russian-language (translated) daily cited information obtained from RZD and RIA. RIA is controlled by the Ministry of Regional Development (Minergion). Kommersant learned from DZhV, a subsidiary of RZD, that the transaction could be valued at RUB 673m (USD 18.8m). The report said that RZD had changed its method of attracting investors for the development of its railway stations, abandoning the idea to lease them. Instead, RIA will buy a blocking stake in RZD-RV, the report noted. RIA President Yuri Spiridonov told Kommersant that the agency is ready to raise at least USD 10bn for the development of the transport hubs and modernization o that this figure could be increased to USD 100bn. The funding would come from investment funds that RIA is current holding talks with from China, India, Singapore, Kuwait, UAE, Bahrain, South Korea and Japan, Spiridonov confirmed. According to Spiridonov, private and public funds from China and Singapore, as well as construction holdings in Turkey, such as Gamma Holding, have expressed interest in the project, the report said. The pool of investors should be determined in August. A joint venture will be formed, and a ten-year contract will be signed with each of the investors, the report noted.
04.08.2014 Kommersant
Norbert Norbert Dentressangle and the private equity firm Oak Hill Capital Dentressangle and Partners announced today that they have signed an agreement to Oak Hill Capital to acquire all the shares of the U.S. logistics and transport company acquire Jacobson Jacobson. The transaction is valued at USD 750m (EUR 560m) in cash for USD 750m plus on a debt-free and cash-free basis, plus a capped earn-out relating to potential earn-out future performance. The acquisition will be financed through a combination of Norbert Dentressangle reserves and available credit lines. The deal, which is expected to close mid-September 2014, is subject to regulatory approvals. Founded in 1968 and headquartered in Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, August 2014
Des Moines, IA, Jacobson is one of the largest value-added warehousing 3PL provider in North America with integrated domestic transportation management capabilities, with annual turnover of approximately USD 800m in 2013, 9.5% EBITDA margin and 5,500 employees. Jacobson operates two divisions with nationwide coverage: Contract Logistics Services with 3 million m² of warehousing across 142 sites and Transportation with a fleet of 350 tractor units and 1,225 trailers. The company has a strong expertise and market position in industry verticals such as Food and Beverages, Chemicals, Agriculture, Consumer goods, Durables. Jacobson serves more than 1,800 customers in the U.S. with a focus on added-value services (co-packing, co-manufacturing, etc…) and benefits from being recognized for its quality of service.
31.07.2014 Stock Exchange Announcement(s) (Edited)
RZD privatisation to The privatisation of RZD, the state-owned, Russian, railway operator, take place only after will take place only after the transfer of funds for the development of transfer of RUB Baikal-Amur Main Line (BAM) and Transsib railroads to the company's 150bn to company's authorized capital, Vedomosti reported. The report cited Olga authorized capital Dergunova, Head of Federal Agency for State Property Management for BAM and (Rosimushchestvo) for this information. The sum to be transferred to Transsib projects RZD stands at RUB 150bn (USD 4.2bn), according to Dergunova, the (translated) Russian daily reported.
31.07.2014 Vedomosti
Salvepar exits Salvepar announced today it finalized the sale of its complete holding in Norbert Norbert Dentressangle. Salvepar was a shareholder at Norbert Dentressangle Dentressangle since June 2008 and started to divest its holding in the last trimester of 2013. Since the start of 2014, the sale of this holding gave Salvepar more than EUR 10m.
30.07.2014 Stock Exchange Announcement (Translated)
Flytoget attracts Flytoget, the Norwegian state-owned airport rail company, has attracted international the interest of potential foreign bidders, Dagens Naeringsliv reported. takeover interest This is after Norway’s minister of Trade and Industry, Monica Maeland, (translated) announced in June that the government wishes to sell various companies such as Flytoget and the property company Entra. The report cited Flytoget’s managing director, Linda Bernander Silseth, who confirmed that she has been approached by many possible bidders and that they are all foreign. She said that the possible buyers are either international funds or railway companies. Bernander Silseth added in the report that the government will use the time it needs to evaluate the possible sales process. Meanwhile, the paper reported that UK railway companies similar to Flytoget such as FirstGroup or Go-Ahead are valued at around 7x-8x their EBITDA. This would value Flytoget at around NOK 2.4bn-NOK 2.7bn (EUR 287m-EUR 323m), including debt.
29.07.2014 Dagens Naeringsliv
Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, August 2014
CitySprint to City Sprint announced the acquisition of Letchworth Couriers, in the acquire Letchworth biggest deal for CitySprint since its acquisition of Lewis ay in 2011. The Couriers and Sky acquisition of this group of businesses is part of CitySprint’s UK Blue Couriers expansion drive and will see CitySprint gain an additional two service centres, in Letchworth and Peterborough, taking the total number of service centres to 39. Letchworth Couriers, run by Directors Steve Ketteridge, Dave Northfield and Ian Mailer, incorporates Ketts Couriers, which will also be transitioning to CitySprint as part of the acquisition. This deal will give Letchworth Couriers’ customers access to CitySprint’s unrivalled network which can reach 87% of the UK mainland population in under an hour. They will also be able to take advantage of CitySprint’s leading technology, allowing them to track their parcels in real-time both on desktop and from the palm of their hand via the first ever same- day courier app, MyCourier. In a separate deal, CitySprint has also acquired Birmingham based Sky Blue Couriers, which provides aircraft on the ground services, delivering time-critical maintenance parts in to and out of all UK airports. This acquisition, which has been fully integrated into the business, adds to CitySprint’s existing portfolio of services and gives Sky Blue’s customers access to CitySprint’s network of over 2,500 couriers, 24/7. The founder of Sky Blue Couriers, Steve Burton, transferred to CitySprint as part of this deal. In total, CitySprint has completed three acquisitions this year as part of their growth strategy.
28.07.2014 Company Press Release(s)
Paulo Duarte Paulo Duarte Transportes, the family-owned Portuguese transport Transportes sells company with EUR 40m in sales, has raised money through a capital stake to BCP fund increase, said board member Gustavo Paulo Duarte. Millennium Fundo via capital increase de Capitalização, a fund owned by Portuguese bank BCP, bought 42% of the company's shares in the capital increase, according to Duarte. The investor will not have any management involvement, he said. He declined to reveal the amount raised. The company, which offers national and international road transport services, logistics and distribution, is also considering acquisitions in Portugal and has already identified some targets, said Duarte, who declined to reveal their identity. Paulo Duarte Transportes studied internationalisation a few years ago and looked at entering Poland, Mozambique and Angola, said Duarte. However, he said based on risks and bureaucracy, it decided to focus on consolidating its local market. The group is one of the main operators in Iberia transporting liquids for the agriculture and food sector, and hazardous substances in bulk.
28.07.2014 Proprietary Intelligence
Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, August 2014
Berger Logistik to Berger Logistik, the Austrian logistics company, announced the takeover take over of Kerry of the Austrian branches of Hong Kong-listed Kerry Logistics based at Logistics Austria the airports Vienna and Graz, Tiroler Tageszeitung said. The report cited (translated) managing director of the Berger Beteiligungs holding, David Gulda, and said that the transaction would be an asset deal. The target company generated turnover of EUR 10m and has 20 employees, the article said. The acquisition is subject to regulatory approval.
25.07.2014 Tiroler Tageszeitung
HC Schmidt files for HC Schmidt, the Ense-Höingen, Germany-based logistics group, had to insolvency file for insolvency because of adverse business conditions, particularly in (translated) southern Europe, DVZ reported, citing administrator Manfred Gottschalks. The insolvency proceedings affect subsidiaries Dahmen Logistics and JDW Spedition und Logistik. According to the administrator, only Dahmen Logistics, with 30 employees, has a realistic chance of survival with two strategic bidders having an interest in the company. Its sale could come shortly. HC Schmidt had annual turnover of EUR 40m-50m; it had 180 employees, the news report noted. Raben Group signed an agreement to take over large parts of HC Schmidt but the deal lapsed shortly before the target went into administration, the German-language report added.
23.07.2014 DVZ
Trentino Fresco STEF has doubled its business in North-East Italy – the Trentino region purchased by STEF - through the integration of the business of Trentino Fresco. The integration of the Trentino Fresco business into STEF, completed at the end of June, led to the creation, on July 1st, of a new company called STEF Trento, 51% owned by STEF Italia and 49% by Trentino Fresco. With this new entity, STEF Italia's projected sales in the Trento region will reach EUR 6m (versus EUR 3m previously), and the company will become the benchmark logistics operator in this region.
23.07.2014 Company Press Release(s)
PKP to remain PKP, the Polish, state-owned, railway group wants to remain a strategic strategic shareholder in the listed, rail cargo operator PKP Cargo, reported shareholder in PKP Parkiet. The Polish daily quoted PKP's President Jakub Karnowski as Cargo, no plans to confirming that the company has no plans to reduce its ownership in reduce ownership PKP Cargo to below 33% stake. PKP wants PKP Cargo to be in a position to below 33% to raise capital for potential acquisitions in Poland and abroad, (translated) Karnowski noted, without naming any specific targets. In mid-June, PKP sold a 17% stake in PKP Cargo reducing its ownership to 33%. PKP gained a gross PLN 583.5m from the sale, the paper reported. Currently, PKP is in preparations to sell a 100% stake in its subsidiaries PKP Energetyka, PKP Telekom and PKP Informatyka.
23.07.2014 Parkiet
Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, August 2014
EcoCar obtains WinVentures, a venture capital fund part of listed Polish financial investment from holding W Investments SA, has invested in EcoCar SA, a Polish car WinVentures passenger transportation company, WinVentures announced on 18 July. WinVentures invests in Polish small and medium-sized enterprises that are at the start and development stages of their businesses, providing them with equity financing of up to PLN 12m (USD 4m) for an average period of three to five years, the statement said. The exact size of the investment in EcoCar was not disclosed. EcoCar intends to use the proceeds to increase its car fleet, create an information system, and expansion in the country, as the company is currently operating in Warsaw. EcoCar’s cars are equipped with gas installations and drivers pass the course on the principles of economical driving, according to the statement. The market value of WinVentures stands at PLN 60m (USD 19.6m), according to the statement. W Investments' market capitalisation stands at PLN 186.26m (USD 60.7m), the Warsaw Stock Exchange data shows.
19.07.2014 Company Press Release (Translated)
Singapore Post to Singapore Post (SingPost), the national postal service provider, has acquire F.S. entered a sale and purchase agreement to acquire F.S. Mackenzie for up Mackenzie for up to to GBP 7m, according to the following release: 1. INTRODUCTION The GBP 7m Board of Directors of Singapore Post Limited (the “Company”) wishes to announce that its subsidiary, Famous Holdings Pte Ltd (the “Purchaser”), has on 18 July 2014 entered into a sale and purchase agreement (the “Agreement”) with Alfred Stienen (the “Vendor”), pursuant to which the Purchaser has agreed to purchase from the Vendor the entire issued and paid-up share capital of F.S. Mackenzie Limited (“FSML”), comprising 83,524 issued and paid-up ordinary shares in total, which are wholly-owned by the Vendor (the “Acquisition”). The completion of the Acquisition (the “Completion”) is subject to the fulfillment of certain conditions precedent within three (3) months of the date of the Agreement, failing which the Agreement shall cease and determine. Upon the Completion, FSML will become a subsidiary of the Company. 2. RATIONALE Established in 1999, FSML is a United Kingdom-based freight forwarder / Non Vessel Operating Common Carrier focusing primarily on sea, air and road freight forwarding together with customs clearance for inbound and outbound shipments from the United Kingdom. This Acquisition will allow the Company and the Purchaser to broaden the freight network and establish an entry point into the Western European freight market. It also strengthens the Company’s capability to provide customers with an integrated ecommerce logistics solution and complements the existing postal and parcel networks. 3. CONSIDERATION Under the Agreement, the aggregate consideration for the Acquisition is up to GBP 7m (equivalent to approximately SGD 14.8m), comprising (a) an initial consideration of GBP 4.1m (equivalent to approximately SGD 8.7m) to be paid on Completion; (b) an escrowed consideration of up to GBP Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, August 2014
0.8m (equivalent to approximately SGD 1.7m) to be dealt with and be subject to certain indemnity and set-off provisions under the Agreement; and (c) a potential earn-out consideration of up to a maximum amount of GBP 2.1m (equivalent to approximately SGD 4.4m), subject to certain adjustments to be made, after Completion, to the actual net profit after tax of FSML in accordance with the terms of the Agreement (“Earn-out Consideration”). The Earn-Out Consideration (if any) will be paid approximately three (3) years after Completion. The consideration for the Acquisition was arrived at on a “willing buyer-willing seller” basis, taking into account, amongst others, the future performance of FSML and its existing assets and operations. The consideration for the Acquisition will be satisfied wholly in cash and will be funded from the Company’s internal resources. 4. VALUE OF ASSETS BEING ACQUIRED The net asset value of FSML based on the latest unaudited financial statements for the financial year ended 31 December 2013 is GBP 2.5m (equivalent to approximately SGD 5.4m). 5. FINANCIAL EFFECTS The Acquisition is not expected to have a material effect on the net tangible assets per share or earnings per share of the Company for the financial year ending 31 March 2015. 6. DIRECTORS’ AND CONTROLLING SHAREHOLDERS’ INTERESTS None of the directors or controlling shareholders of the Company has any interest, direct or indirect, in the Acquisition.
18.07.2014 Stock Exchange Announcement(s)
Geodis sells Zust On July 11, 2014, Geodis and AF Logistics signed an agreement on the Ambrosetti to disposal of Züst Ambrosetti and the formation of a partnership between Ferrari Group's AF the two groups. The partnership results from a clear strategic direction Logistics for on the part of Geodis that consists in strengthening the Group’s undisclosed amount Groupage and Express network in France and developing its business in Europe through top-quality partnerships. Through the agreement, Geodis will be in a position to guarantee its customers the same high level of service quality for their groupage needs in Italy. Geodis will continue to develop its Freight Forwarding, Contract Logistics and Road Freight (FTL and LTL) activities through its Geodis Wilson, Geodis Logistics and Geodis BM divisions, which have 720 employees in the country and generated EUR 380m in revenue there in 2013. Under the agreement, AF Logistics, a subsidiary of the Ferrari Group, commits to take over all the employees and of the operating sites of the company and maintaining the Züst Ambrosetti brand. In addition, Züst Ambrosetti will, as part of the Ferrari Group, be the partner in Italy for Groupage and Express. Züst Ambrosetti will also continue to handle current transport from and to Geodis Logistics warehouses in Italy. AF Logistics is a Ferrari Group subsidiary, which is a specialist in logistics and transport in Italy with more than EUR 100m of annual revenues. It has around 12 regional sites.
18.07.2014 Company Press Release*
Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, August 2014
Allseas Global Allseas Global Logistics, a UK-based freight forwarding company, has Logistics acquired been acquired in a management buyout led by managing director Darren in management Wright, Insider News said, citing Wright. Financial terms of the buyout transaction were not disclosed, but the article said Allseas Global Logistics has turnover of over GBP 15m and 50 employees. Barclays Corporate Banking supported the buyout with Laytons Solicitors advising the management team, the article added.
17.07.2014 Insider News
JHMD faces The Czech District Court in Pardubice has started insolvency insolvency proceedings with a privately held transport provider Jindrichohradecke proceedings mistni drahy (JHMD), reported Mlada Fronta Dnes. The Czech language (translated) item cited from a insolvency proposal submitted by the company’s creditors. The item noted that JHMD is a provider of local railway transport in the region of Jindrichuv Hradec.
17.07.2014 Mlada Fronta Dnes
RZD and transport RZD, the state-owned Russian railway operator and the Ministry of ministry prepare Transport have prepared a list of state-owned assets that RZD should list of assets that receive in exchange for its highway Adler – Alpinka-Service resort RZD is to receive in (Krasnaya Polyana), reported Kommersant. This information was exchange for Adler- confirmed to the Russian daily by the Ministry of Transport. In July, the Alpinka Service Board of Directors of RZD valued the highway at RUB 92.7bn (USD highway 2.69bn) with VAT, the Russian daily reported. Among assets proposed (translated) for the swap is a 49km railway line in Yakutia, running from Nizhny Bestyakh. This railway line is valued at RUB 15bn (USD 435.6m) according to Mikhail Burmistrov, head of research at Infoline-Analitika, who was cited in the report. RZD could also receive railway lines of a petrochemical plant and a refinery of Taneco (part of oil company Tatneft) in Nizhnekamsk, as well as other assets, Kommersant learned. Burmistrov estimated that the total value of the assets proposed for the exchange does not exceed RUB 43bn, the item reported. According to the expert, it will be difficult to find additional assets for the swap, as the government no longer owns major railway assets.
16.07.2014 Kommersant
Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, August 2014
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