|By PR Newswire||
|August 29, 2014 02:00 AM EDT||
LYON, France, Aug. 29, 2014 /PRNewswire/ -- Norbert Dentressangle today announced it has completed the previously announced acquisition of all the shares of privately held U.S. third party logistics (3PL) provider, Jacobson Companies from Oak Hill Capital Partners. The transaction was valued at $750 million (€560 million) in cash on a debt-free and cash-free basis, plus a capped earn-out relating to future performance. The acquisition is being financed through a combination of Norbert Dentressangle reserves and available credit lines. The deal has received all necessary regulatory approvals.
Headquartered in Des Moines, IA, Jacobson is one of the largest value-added warehousing 3PL provider in North America with integrated domestic transportation management capabilities, with annual revenue of approximately $800 million in 2013, 9.5% EBITDA margin and 5,500 employees.
Herve Montjotin, Chief Executive Officer of Norbert Dentressangle, said, "We are very pleased to announce the completion of this deal. The closing of this acquisition will enable us to begin integrating Jacobson into the Norbert Dentressangle Group and to begin this new step in our development in the U.S., a strategic market for us. "
The transaction increases the scale of Norbert Dentressangle, both globally with a +15% increase in annual revenue to $6.8 billion USD (€5 billion), and also in the U.S. logistics and transport market where the group becomes scalable with approximately $800 million USD (€600 million) of annual gross revenues in 2013.
Upon completion of the transaction, the leverage ratio of Norbert Dentressangle is expected to be in the range of 3.2x by the end of 2014 pro-forma, in accordance with the group's bank covenants. This leverage ratio is below the one reached with the acquisition of Christian Salvesen in 2007 and comparable to the one reached with the acquisition of TDG in 2011, the last two large strategic moves undertaken by the Group.
The Jacobson transaction will be accretive to Norbert Dentressangle on an EBITDA, EBITA and earnings basis within the first year after the acquisition. Upon completion of the transaction, the U.S. market will represent 14% of Norbert Dentressangle's annual revenue, making it the third largest operating country for the company.
About Jacobson companies
Founded in 1968 and headquartered in Des Moines, IA, Jacobson is one of the largest value-added warehousing 3PL providers in North America with integrated domestic transportation management capabilities, with annual revenue of $800 million USD and 5,500 employees. Jacobson is a successful and profitable company, with a flexible business model, experienced management team and driven by operational excellence.
Capitalizing upon diversified business mix and customer base, Jacobson operates two divisions with nationwide coverage: Contract Logistics Services with 3 million m² of warehousing across 142 sites and Transportation with a fleet of 350 tractor units and 1,650 trailers. The company has a strong expertise and market position in industry verticals such as Food and Beverages, Chemicals, Agriculture, FMCG, and Durables. Jacobson serves more than 1,800 customers in the U.S. with a focus on added-value services (co-packing, co-manufacturing, reverse etc.) and benefits from being recognized for its quality of service.
About Norbert Dentressangle:
Norbert Dentressangle is an international logistics, transport and air and sea company, with annual revenue of €4.0 billion (USD $5.5 billion) in 2013. Norbert Dentressangle develops high added value solutions in its three sectors, across Europe, America and Asia, and places sustainable development at the heart of all its activities. It is established in 26 countries, employs 37,700 people and generates 60% of its revenue outside France. Norbert Dentressangle, which is listed on the CAC Small et CAC All Tradable, is headed by Herve Montjotin. For more information: www.norbert-dentressangle.com
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