Platinum Equity has agreed to sell its portfolio company, ACR Logistics, to Kuehne + Nagel International AG, one of the world’s largest logistics companies.
– ACR Logistics has been an exceptional investment for Platinum Equity, and we are confident that the company’s success will continue under Kuehne + Nagel’s ownership – stated Tom Gores, Chairman and CEO of Platinum. – In less than two years under Platinum Equity’s ownership, ACR Logistics has strengthened its position as one of the most solid logistics service providers in Europe. We were fortunate to have a strong management team that executed plans brilliantly. It is a results-oriented company and will be a significant addition to Kuehne + Nagel.
Platinum acquired the company, then known as Hays Logistics, from Hays plc in February 2004, established it as a standalone entity, and rebranded it as ACR Logistics. Subsequently, Platinum’s operations managers worked alongside Chief Operating Officer Xavier Urbain and his management team to implement operational improvements and enable the management team to increase the enterprise’s value. ACR Logistics projects revenues exceeding EUR 1.3 billion in 2005. The company is headquartered in Paris and operates in 11 countries across Europe. ACR provides supply chain design services, delivers IT systems and data management, offers distribution center and transport services, as well as management services for returnable transport packaging and non-saleable goods.