3i leads the race for GBP 210 million logistics group
Private equity firm 3i is poised to acquire niche logistics company Marken from Deutsche Post for about £210m (€306 million). Sources said 3i is now in exclusive talks with Deutsche Post advisers UBS to buy Marken, part of Exel, after submitting a higher bid than rival contenders. Marken provides specialist courier services to the medical, pharmaceutical, media, professional, fashion and high technology industries. It is not clear why Deutsche Post and Exel have decided to offload Marken.
The other private equity firms thought to have been looking at the company include PPM, Phoenix Private Equity and Bridgepoint. Deutsche Post put Marken on the block last month, though it is not clear why it has decided sell. Analysts think that, after acquiring Exel last year, Deutsche Post might have some overlaps.
The first quarter has been busy for 3i. Last month, it sold its 38 % stake in Williams Lea to Deutsche Post in a deal valuing the firm at £450 million (€ 656 million). 3i and UBS declined to comment and Deutsche Post could not be reached for comment. Industry observers were reported to have said the sale of the Marken unit, which this year took in profits in excess of £15 million (€22 million), would not have a large impact on Deutsche Post shares as the business is “simply too small”.
