ID Logistics and private equity fund Corpfin Capital have signed an agreement to purchase a 100% stake in Logiters, a leading contract logistics provider in Spain and Portugal with revenues of around €250m.
Logiters manages a network of 50 facilities amounting to 750,000 sq m of warehousing and has 3,300 employees.
With the deal, ID Logistics maintains its status as a contract logistics ‘pure player’. However, it enters new vertical sectors such as healthcare/ pharmaceutical and automotive, while strengthening its position in core business sectors such as retail and FMCG. The acquisition will see the company increasingly exposed to Europe, with the region accounting for 82% of company revenues in 2015 on a pro forma basis.
The transaction is based on an enterprise value of €85m fully paid in cash. It remains subject to the approval of Spanish regulatory authorities, with completion expected later this summer.
Source: ID Logistics