Norbert Dentressangle acquires TDG
French logistics company Norbert Dentressangle said Monday it has signed an agreement to acquire all shares of Laxey Logistics Ltd., a holding company that owns the Manchester, England-based transport and logistics company TDG.
The all-cash deal with DouglasBay Capital plc, which is expected to close in mid-January, is subject to the agreement of the European competition authorities.
Norbert Dentressangle said the transaction would boost its annual revenue to about 3.6 billion euros ($4.7 billion).
The deal for TDG follows Norbert Dentressangle Nov. 1 acquisition of Schneider Logistics' freight forwarding and customs house brokerage services in the United States and China.
TDG is a major European player in transport, logistics and freight forwarding. Its 2009 revenue was '662 million ($1 billion) and are estimated to be '700 million in 2010. Employing 6,300 people at 134 sites, TDG makes 74 percent of its revenues in the United Kingdom, 12 percent in the Benelux countries, 8.5 percent in Spain, 4 percent in Ireland and 1.5 percent in Germany. The company also operates in Hungary.
TDG works across the entire supply chain with an integrated service. In 2009, about 54 percent of revenues came from logistics (the company has about 13 million square feet of warehouse space), 32 percent from transport (the company has a fleet of about 1,350 tractor units and 2,600 trailers), and 14 percent from freight forwarding, mainly to India, the Far East, Turkey and the Americas.
Norbert Dentressangle's estimated 57 percent of its pro forma 2010 revenue will come from outside France, and that it will have 33,000 employees, 58 percent based outside France. The company said its acquisition would give it increased scale and strengthen its ability to invest in strategic areas such as information systems, engineering and research and development.
With completion of the TDG purchase:
' 53 percent of Norbert Dentressangle's business would be road transport with 1.95 billion euro in revenue and the largest wholly owned fleet in Europe (more than 8,000 tractor units and 11,000 trailers).
' 44 percent of the business will be logistics with 1.6 billion euro in revenues and nearly 6.5 million square meters (70 million square feet) of warehousing.
' 3 percent freight forwarding, with revenue of 100 million euro.