SHD Logistics is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Norbert Dentressangle acquires US company

Norbert Dentressangle acquires US company

Norbert Dentressangle as a Leading Third Party Logistics Provider in the Fast-Growing U.S. market

Norbert Dentressangle has completed the previously announced acquisition of all the shares of privately held U.S. third party logistics (3PL) provider, Jacobson Companies from Oak Hill Capital Partners.

The transaction was valued at $750 million (€560 million) in cash on a debt-free and cash-free basis, plus a capped earn-out relating to future performance. The acquisition is financed through a combination of Norbert Dentressangle reserves and available credit lines. The deal has received all necessary regulatory approvals.

Headquartered in 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 revenue of approximately $800 million in 2013, 9.5% EBITDA margin and 5,500 employees.

Hervé Montjotin, chief executive officer of Norbert Dentressangle, said, “We are very pleased to announce the completion of this deal. The closing of this acquisition will enable us to begin integrating Jacobson into the Norbert Dentressangle Group and to begin this new step in our development in the U.S., a strategic market for us. ”

The transaction increases the scale of Norbert Dentressangle, both globally with a +15% increase in annual revenue to $6.8 billion USD (€5 billion), and also in the U.S. logistics and transport market where the group becomes scalable with approximately $800 million USD  of annual gross revenues in 2013.

Upon completion of the transaction, the leverage ratio of Norbert Dentressangle is expected to be in the range of 3.2x by the end of 2014 pro-forma, in accordance with the group’s bank covenants.

This leverage ratio is below the one reached with the acquisition of Christian Salvesen in 2007 and comparable to the one reached with the acquisition of TDG in 2011, the last two large strategic moves undertaken by the Group.

The Jacobson transaction will be accretive to Norbert Dentressangle on an EBITDA, EBITA and earnings basis within the first year after the acquisition. Upon completion of the transaction, the U.S. market will represent 14% of Norbert Dentressangle’s annual revenue, making it the third largest operating country for the company.

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish