RUBB

Norbert Dentressangle and the investment fund Douglas Bay Capital Plc has announced that they have signed an agreement for Norbert Dentressangle to acquire all the shares of Laxey Logistics Ltd, a holding company which owns the transport and logistics company TDG. The transaction values the entire share capital of Laxey Logistics Ltd at £196 million (€235 million).

The transaction will be paid entirely in cash from a combination of Norbert Dentressangle reserves and currently available credit lines.

The transaction is subject to the agreement of the European competition authorities and should be finalised around 10 January 2011.

TDG – a major European player:

TDG is a major European player in transport, logistics and freight forwarding. Its 2009 revenue was £662 million (€795 million) with EBITDA of £33 million (€40 million) and EBITA of £26 million (€31 million). TDG has its headquarters in Manchester and employs 6,300 people at 134 sites. It makes 74% of its revenues in the United Kingdom, 12% in the Benelux countries, 8.5% in Spain, 4% in Ireland and 1.5% in Germany. The company also operates in Hungary.

TDG works across the entire supply chain with an integrated service which includes logistics (54% of 2009 revenues, 1.2 million square metres of warehouses), transport (32% of 2009 revenues , 1,350 tractor units, 2,600 trailers) and freight forwarding (14% of 2009 revenues) mainly serving Asia (India and the Far East), Turkey and the Americas. TDG has a portfolio of high quality clients.

Accelerated growth of Norbert Dentressangle’s international expansion

This strategic transaction will take Norbert Dentressangle’s estimated pro forma 2010  revenues to 3.6 billion euros, 57% from outside France, with 33,000 employees, 58% based 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.

Norbert Dentressangle strengthened in each of its three businesses: transport, logistics and freight forwarding.

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.

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