The ID Logistics Group and the private equity fund Corpfin Capital have signed an agreement for the acquisition of 100% of Logiters, a leading contract logistics operator in Spain and Portugal, by ID Logistics. The acquisition is in line with the ID Logistics Group’s international development strategy and strengthens its position as a leader in the European contract logistics market.
Logiters manages over 50 warehouses with a total area of 750,000 sqm. It employs 3,300 people. In 2015, the company generated revenue of EUR 250 million. The acquisition of Logiters will allow ID Logistics to expand its offer to include services aimed at high-growth industries such as healthcare, pharmaceuticals, and automotive. It will also strengthen ID Logistics’ position in FMCG and retail operations through the acquisition and service of new clients. Combining the skills, know-how, and experience of both teams will provide clients with high-quality service in terms of IT solutions, engineering, and value-added services such as pooling services. The acquisition of Logiters will also allow for the expansion of the ID Logistics European logistics network. Portugal will now join the 14 countries where the ID Logistics Group operates.
The value of the transaction is EUR 85 million, which ID Logistics will pay in cash. The transaction still requires approval from the relevant regulatory authorities in Spain. The completion of this procedure is scheduled for the summer of 2016.
– The acquisition of Logiters is another milestone in the ID Logistics development strategy. By strengthening our leadership position in Spain and entering the Portuguese market, we are dynamically developing the scale and reach of our operations in Europe. Thanks to the Logiters management team, their experience, and excellent client relationships, ID Logistics can expand its offer to include new industries such as healthcare, pharmaceuticals, and automotive, while consolidating its strong position in the FMCG and retail market. Additionally, Logiters will open up new business development opportunities for us and provide benefits to existing and new clients. I am convinced that thanks to our ability to acquire new businesses, we will welcome and quickly integrate the Logiters teams into our organization, offering them opportunities for an interesting career and further professional development – said Eric Hémar, CEO of ID Logistics.
– We are very pleased to join ID Logistics, a leading logistics group in Europe specializing in contract logistics. This will indeed allow us to offer our current clients new business development opportunities within the European network. We are guided by the same principles of entrepreneurship and customer service. The agreement with ID Logistics opens a new, exciting chapter for the Logiters team, with new challenges and successes – stated Luis Marceńido, CEO of Logiters.
– We are proud that over the last few years we have been able to successfully support the Logiters turnaround program, working closely with the management team to achieve a leadership position on the Iberian Peninsula. We have utilized the skills and commitment of all employees and managers, whom we would like to thank for the results achieved. We are convinced that by joining the ID Logistics Group, Logiters will be able to fully develop its potential – added Alvaro Olivares, Partner at Corpfin Capital.