3i completes ABX Logistics buyout
British financial investor 3i said that it has completed the takeover of Belgian-based ABX Logistics for an undisclosed sum following this week’s clearance for the deal from the European Commission. But, as previously reported, the domestic Belgian business has been left under the ownership of Belgian Railways.
3i said in a statement that it and funds which it has advised have completed the acquisition of ABX Logistics’ international trucking, air and sea freight forwarding activities, including those to and from Belgium, and its contract logistics business. The deal was previously valued at about €80 million by Belgian media.
But the acquisition excludes the local road distribution business within Belgium which represents less than 3% of total group turnover. This business includes the original ABX Logistics domestic parcels operation.
ABX Logistics, with turnover of €2.5 billion and a workforce of circa 10,000 people, has returned to profit following restructuring and downsizing over the past few years. 3i said it is backing the existing management team, led by Laurent Levaux, Chief Executive Officer.
Stuart McMinnies and Robert Van Goethem, Partners within 3i’s European Buyouts business who led the transaction, commented: “ABX Logistics is recognised by its customers as providing a highly flexible and bespoke service. This, combined with a management team of the highest quality and a market underpinned by increasing trade from Eastern Europe and Asia, led to our interest in the business. We look forward to supporting ABX Logistics to continue growing and developing internationally, and delivering even more for its customers”.
Laurent Levaux, CEO of ABX Logistics Worldwide, added: “We are delighted to work with 3i. They understand our business and have been able to bring together with SNCB Holding the expertise necessary to manage this complex privatisation process. With the support of 3i, we shall continue in the future to develop the business through market and acquisitive growth, whilst maintaining the high standards of service and flexibility that our customers have come to expect and trust.”
