C.Hartwig Gdynia S.A., a subsidiary of OT Logistics, is finalizing a conditional agreement to acquire Sealand Logistics, one of the leaders in container forwarding in Poland. It has paid the first installment of PLN 30 million. Thanks to the acquisition, the OT Logistics Capital Group will strengthen its competencies in the area of container forwarding in Poland and abroad.
Following the approval for the concentration issued by the Office of Competition and Consumer Protection (UOKiK) on July 19th of this year and after conducting due diligence of Sealand Logistics, all conditions precedent for the transaction have been met. According to the agreement, the payment for the acquisition of 100% of shares in Sealand Logistics is made in three installments and is financed from the own funds of C.Hartwig Gdynia S.A. The payment of the first part (PLN 30 million) takes place after the fulfillment of the conditions precedent (UOKiK approval for the concentration, approval of the Supervisory Board of OT Logistics for providing a guarantee for the payment of the second and third parts, and due diligence of Sealand). The payment of the second part is spread over installments (PLN 7 million each), payable in the years 2017-2019. In turn, the payment of the third installment is conditional and depends mainly on the achievement of long-term financial goals by Sealand Logistics.
– Sealand Logistics is becoming an important asset of the OT Logistics Capital Group, as it allows us to build an advantage in the container forwarding market in Poland and abroad. Our Group is thus strengthening its competencies in an area where we have not had a significant market position until now. The acquisition of Sealand Logistics is a clear signal that we are effectively fulfilling the assumptions of our strategy presented in the spring of 2016. – says Zbigniew Nowik, President of the Management Board of OT Logistics S.A.
Sealand Logistics is a leading company in the field of container forwarding in Poland. The company also offers air, rail, and road forwarding services. It operates in all geographical directions, cooperates with leading global shipowners, and enters into contracts for sea freight to and from the Far and Middle East, Africa, North and South America, Australia, and all of Europe. In 2015, Sealand Logistics generated approximately PLN 83 million in revenue, while EBITDA amounted to over PLN 6 million, and net profit was slightly over PLN 5 million.
– We see great development potential within the OT Logistics Capital Group. We intend to cooperate with other companies in the Group, both transport and forwarding, to increase the efficiency of our operations. At the same time, we are bringing into the Group an excellent team of people with broad professional competencies, vast experience in the logistics industry, and established relationships with clients – says Grzegorz Hinc, President of the Management Board and co-founder of Sealand Logistics.