Publications
Partners
Johannesburg - South African transport logistics company Super Group [JSE:SPG] announced on Monday that it has concluded an agreement to acquire a 75% interest in a German logistics company for €153.5. (R2.1bn).
Super Group said it will acquire the interest in the share capital of Telo Zwei Vermögensverwaltung - the holding company owning 100% of In Time Holding - from certain funds managed by Equistone Partners Europe.
Super Group has proposed a fully underwritten rights offer of up to R900m to assist with the funding of the acquisition. It has entered into an underwriting agreement with Investec Bank in this regard.
In Time is headquartered in Germany and has 20 operating branches across Germany, Sweden, Hungary, Romania, the Czech Republic and Poland. It operates in the niche logistics sector of time-critical delivery services across 18 countries in Europe, servicing the automotive, electronics, hazardous goods, life sciences, pharmaceutical, temperature controlled, emergency blood and medical service industries.
In Time has developed proprietary dispatching software to optimise transport capacity for the provision of point-to-point services.
According to Super Group CEO Peter Mountford, the company is excited to have concluded the acquisition of In Time.
"The acquisition provides an excellent fit and falls directly within the core strategy to expand the group’s supply chain activities in industry niches where we have extensive experience such as the automotive and industrial parts industries," said Mountford.
"The acquisition further expands Super Group’s geographical footprint and gives us access to the state-of-the-art proprietary dispatching software developed by In Time.”
The investment in In Time will be held via Bluefin Investments, a wholly-owned subsidiary of Super Group, which is registered in Mauritius. The remaining 25% interest in the shares of Telo Zwei continues to be held by the management team of In Time, alongside Super Group’s proposed 75% interest.
Mountford said he believed the management team of In Time has the knowledge and experience to add extensive value to Super Group's supply chain division.
"We are expecting this acquisition to be earnings enhancing for the financial year ending June 30 2016,” said Mountford.
