Tag: Apollo Management

CEVA announces retirement of former CEO David Kulik

Posted by | Jan 11, 2008 | |

The Board of Directors of CEVA Group plc. announced today that David G. Kulik, CEVA’s Vice Chairman and former CEO, has advised the Company of his retirement, effective February 22nd, 2008. The Company also announced that they have entered into an agreement with Mr. Kulik wherein he will be a consultant to management as well as continue in his position as Chairman of the Board of ANJI-TNT, the joint venture between CEVA Logistics and Shanghai Automotive Industries Corporation – SAIC.

Gareth Turner, partner of Apollo Management, said “Dave has
been a leader in the global logistics industry having been the CEO of CTI
LogistX for a number of years and then with TNT as head of their Logistics
division. He led the recovery and sale of TNT Logistics and was integral in
the transformation of the company to CEVA as a portfolio company of Apollo
Management. We are also pleased that he will continue to be associated with
CEVA into the future and we thank him for his past service to the Company.”

Kulik stated, “I am extremely proud of this organization and
the success of 50,000 dedicated people in the transition to CEVA. I have been
fortunate to lead the Company during an exciting period and I am confident
that Apollo has positioned CEVA to achieve even greater levels of growth
under the leadership of our industry’s best management”.

Read More

Launch of senior debt syndication by Apollo Management VI, L.P. for TNT Logistics

Posted by | Nov 13, 2006 | |

Louis No. 1 Plc, an affiliate of an investor group led by Apollo Management VI, L.P., announces the launch of the syndication process for its and its subsidiaries’ euro805 million senior debt facilities in connection with the recent acquisition of the logistics business of TNT N.V. by subsidiaries of Louis No. 1 Plc. The euro805 million senior debt facilities comprise a euro500 million senior secured term loan facility, a euro150 million senior secured revolving facility and a euro155 million senior secured synthetic L/C facility. Meetings with prospective lenders have been scheduled for Tuesday 14 November and Wednesday 15 November in New York and London, respectively.”

Read More

TNT re-emerges as possible takeover target

Posted by | Sep 29, 2006 | |

Dutch mail and logistics company TNT has become the subject of renewed takeover speculation after the European Union’s highest court ruled that the Netherlands is breaking the law in owning a “golden share” in the global mail and express delivery company.

The European Court of Justice said the government’s stake, which gives it veto power over TNT’s mergers and acquisitions, is incompatible with the free movement of capital in the 25-nation EU.

The Dutch government has held the stake since the 1980s when the former state-owned post and telephone company was privatized and split into a telecommunications group and a mail operator. The company subsequently expanded into logistics and express delivery.

TNT shares rose 3 percent immediately after the court ruling on speculation that the decision would make it easier for companies such as UPS, FedEx and Deutsche Post to take over the group. La Poste, France’s state-owned mail monopoly, also has been named as a likely suitor.

TNT was at the center of takeover speculation last November when Cornelius Geber, a former executive of Swiss logistics giant Kuehne & Nagel, said he was trying to organize a consortium to launch a bid.

Read More

TNT Logistics' position in pecking order may soon be challenged

Posted by | Aug 24, 2006 | |

TNT has announced that it is to sell its logistics division to affiliates of Apollo Management, a US private equity firm, for E1.48 billion. While the sale of the business unit has been on the cards since 2005, Datamonitor’s Chris Morgan questions whether the new TNT Logistics will be able to take part in further market consolidation which is no doubt inevitable in the short term.

In December 2005, Dutch postal group TNT made known its intention to divest its logistics division in order to focus on its core competency of express parcels and mail delivery. TNT Logistics is the second-largest player in the global contract logistics market, although Datamonitor research shows the company had a market share of just under 2% in 2005 – indicative of how highly fragmented the industry is.

Even after the recent wave of merger and acquisition activity, market leader DHL-Exel held a market share of just over 5% last year, and the current market environment makes further consolidation inevitable. While the global logistics market holds a great deal of potential for major players, without the backing of its parent company, one must question whether TNT will have the financial clout to take part in any significant merger activity in the short term.

Selling the unit to a private equity firm rather than a logistics company had been on the cards for some time. Deutsche Post World Net has only recently acquired Exel in a multi-billion euro deal, and this will take some time to fully integrate. Meanwhile, UPS’ European logistics strategy is unclear, as the purchase price would use up vital funds that could be better directed towards expansion in the less mature, higher-growth markets in the Asia-Pacific region.

Read More

TNT sweetened bid for logistics?

Posted by | Aug 23, 2006 | |

Apollo ups bid for TNT Logistics.

Dow Jones reported yesterday afternoon that U.S. private equity firm Apollo Management has made a late hour bid for TNT’s Logistics division of up to USD2.3B (Euro1.8B), according to unnamed sources quoted by Dow Jones.

This bid is roughly 30% higher than the mid-range of the bid that the newswires reported last Friday that French private equity firm PAI Partners was planning to pay for TNT Logistics. At the reported price of USD2.3B (Euro1.8B), Apollo would pay about 10.7x 1-year trailing EV/EBITDA. TNT has not commented on DJ’s report.

However, if the reported price paid by Apollo is close, we would view this as a strong positive for TNT, with the price about USD1.0B (Euro800M) above expectations

Read More

Advertisement

Advertisement

Advertisement

P&P Poll

Loading

What's the future of the postal USO?

Thank you for voting
You have already voted on this poll!
Please select an option!



View ResultsHide Results

Post & Parcel Magazine


Post & Parcel Magazine is our print publication, released 3 times a year. Packed with original content and thought-provoking features, Post & Parcel Magazine is a must-read for those who want the inside track on the industry.

Subscribe to the Magazine

 

Pin It on Pinterest