Super Group buys 75% stake in German time-critical delivery company
South Africa-based Super Group has bought a 75% stake in IN tIME, a German company active in the niche logistics sector of time-critical delivery services. Super Group has managed the deal by buying an interest in the share capital of Telo Zwei Vermögensverwaltung GmbH, the holding company which owns 100% of IN tIME Holding GmbH, for a total enterprise valuation of €153.5 million.
IN tIME has 20 operating branches across Germany, Sweden, Hungary, Romania, the Czech Republic and Poland, and caters to the automotive, electronics, hazardous goods, life sciences, pharmaceutical, temperature controlled, emergency blood and medical service industries.
IN tIME has developed proprietary dispatching software which optimises transport capacity utilisation in order to provide point-to-point services.
Peter Mountford, CEO of Super Group, commented: “We are excited to have concluded the acquisition of IN tIME at a reasonable 8.7 times EBITDA multiple, based on the actual earnings of IN tIME for the year ended 31 December 2014. The effective return on equity, including shareholder loans, is 11.9%, based on a historical Price Earnings multiple of 8.4 times. The acquisition provides an excellent fit and falls directly within the core strategy to expand the Group’s Supply Chain activities in industry niches where we have extensive experience such as the automotive and industrial parts industries.
“The acquisition further expands Super Group’s geographical footprint and gives us access to the state-of-the-art proprietary dispatching software developed by IN tIME.”
The investment in IN tIME will be held via Bluefin Investments, a wholly-owned subsidiary of Super Group, which is registered in Mauritius. The remaining 25% interest in the shares of Telo Zwei continues to be held by the management team of IN tIME.
