ID Logistics acquires Corpfin’s Spanish logistics operator Logiters for €85M
ID Logistics and PE fund Corpfin Capital announced today that they have signed an agreement for ID Logistics to acquire 100% of Logiters, a leading contract logistics operator in Spain and Portugal.
By acquiring Logiters, ID Logistics actively pursues its international growth strategy. The group will consolidate its leadership positions in Europe, while maintaining its model of “pure player” on the contract logistics market. Logiters manages more than 50 warehouses equivalent to m² 750,000 and employs 3,300 people for total revenues of €250 million in 2015. Thanks to this significant strategic acquisition, ID Logistics will enter into high growth potential new business sectors such as healthcare/pharmaceuticals and automotive, and strengthen its leading positions in core business sectors such as FMCG and retail, serving an even more diversified and prestigious client base. With Logiters, ID Logistics will broaden its skills and expertise, providing clients with shared best practices in terms of IT, engineering and with valued-added solutions such as pooling solutions.
Meanwhile, the Group will expand its geographical footprint in Europe, which will account for 82% of 2015 revenues on a proforma basis.
The transaction is based on an enterprise value of €85 million fully paid in cash. ID Logistics will keep a sound financial structure with a leverage ratio of approximately 1.2x proforma EBITDA post acquisition. The transaction remains subject to the approval of Spanish competent regulatory authorities in merger & acquisition monitoring control. Closing is expected in the course of summer 2016.
Eric Hémar, CEO of ID Logistics declared: “Logiters’ acquisition is another key milestone in ID Logistics’ growth strategy. We are rapidly expanding the scale and footprint of our European operations, by strengthening our leadership positions in Spain and by entering into the Portuguese market in a significant way. Thanks to Logiters’ strong management team which demonstrates high level of technical expertise and strong customer relationship, ID Logistics has the opportunity to reach high visibility in business sectors such as healthcare/pharmaceuticals or automotive, while consolidating its leading market positions on the traditional FMCG and retail sectors. In addition Logiters will allow us to gain access to even more significant business opportunities and to extract greater benefits for our longstanding and new clients. Thanks to our proven capability to acquire new businesses, I am confident that we will rapidly and easily welcome and integrate Logiters teams into our organization and offer them exciting career and business opportunities.”
Luis Marceñido, CEO of Logiters, declared: “We are very excited to join ID Logistics, a leading group in contract logistics in Europe. It’s a real opportunity to offer a Paneuropean solution to our current customers. We are happy to share same entrepreneurship value and a customer oriented approach. This agreement with ID Logistics opens up an exciting new chapter for Logiters teams with new challenges and new successes ahead.”
Alvaro Olivares, Partner of Corpfin Capital, added: “Over the past few years, we are proud to have successfully accompanied Logiters through a major recovery phase, working closely with its management teams to reach unique market leadership position in the Iberia peninsula. We have benefited from remarkable set of skills and dedication of all employees and managers and we want to thank them for the performance achieved. We are convinced that joining ID Logistics Group, Logiters will be able to continue to develop to its full potential.”
ABOUT ID LOGISTICS
ID Logistics is an international contract logistics group, with revenue of €930 million in 2015. ID Logistics has close to 200 sites across 14 countries, representing close to 4 million square meters of warehousing facilities in Europe, Latin America, Asia and Africa, and 13,000 employees. With a client portfolio balanced between retail, industry, detail picking and e-commerce sectors, ID Logistics delivers high-tech solutions and is firmly committed to sustainable development. ID Logistics is listed on Compartment B of Euronext’s regulated market in Paris (ISIN Code: FR0010929125). The Group is managed by Eric Hémar.
ABOUT CORPFIN CAPITAL
Corpfin Capital is the longest established independent private equity firm in the Spanish market with more than 25 years of experience. Since its foundation, Corpfin Capital has successfully managed c. €700 million with an investment strategy focused on the local and international expansion of Spanish SMEs across a wide variety of sectors. Corpfin Capital is currently investing Corpfin Capital Fund IV, from which it has already completed various acquisitions such as: El Fornet (fast growing regional coffee & bakery chain); Preving Group (build-up in employee health and safety compliance services); Secna (global producer of natural colorants for the food industry); and Arenal (fast growing hygiene, beauty and health specialty retailer).
Source :ID Logistics Press Release