Geodis is acquiring Rohde & Liesenfeld (R&L)
Geodis is acquiring Rohde & Liesenfeld (R&L), its main freight forwarding partner, for EUR 77 million. Reinforcing its strength in the freight forwarding business, Geodis is taking positions in the German and South African markets and deepening its Latin American network.
Rohde & Liesenfeld (R&L), the Geodis network’s main partner since 2002, is a German-based international air and sea freight forwarding group. Its 2007 net revenue is forecasted to be EUR 270 million (excluding Customs revenue), attributable to both freight forwarding and industrial projects. R&L operates mainly in Germany (34 pct of revenue), Latin America (17 pct), South Africa (16 pct) and Australia/New Zealand (14 pct) and has 710 employees.
The acquisition of R&L will broaden the geographic reach of the Geodis Wilson network, which will gain a significant position in Germany, thereby making Geodis Wilson a major player in German freight forwarding. This acquisition will also enable Geodis to serve new international markets – particularly South Africa, where R&L is well established – and substantially deepen its presence in Latin America. In addition, the Group will benefit from R&L’s expertise in handling industrial projects, especially in the oil and gas industry.
On this basis, R&L’s enterprise value has been estimated at EUR 90 million and Geodis will acquire its shares for EUR 77 million.
In keeping with the logic of the Wilson acquisition, this latest transaction will enable Geodis to further internationalise its freight forwarding network with a view to providing services to its customers through its own branches in the world’s main economic regions, and strengthening its position in the industrial projects business. The excellent geographic complementarity of Geodis and R&L and the close working relationships of the Geodis and R&L teams, which have been working together for many years, create a solid foundation for successful integration.
Subject to the approval of the competition authorities, the transaction will be completed in the beginning of 2008.
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