C.Hartwig Gdynia S.A., a subsidiary of OT Logistics, has entered into a conditional agreement to acquire Sealand Logistics, one of the leaders in container forwarding in Poland. The total value of the transaction will amount to at least PLN 51 million.
Under the agreement, payment for the acquisition of 100% of shares in Sealand Logistics will be made in three tranches and will be financed from C.Hartwig Gdynia’s own funds. The first part (PLN 30 million) will be payable upon the fulfillment of conditions precedent, while the payment of the second part is spread over installments (PLN 7 million each), payable in the years 2017-2019. The payment of the third part is conditional and depends primarily on the achievement of long-term financial goals by Sealand.
– The acquisition of Sealand Logistics fits perfectly into the implementation of the recently announced new development strategy of the OT Logistics Capital Group. We want to increase our share in the forwarding market, including container forwarding, where it is possible to achieve higher margins. Thanks to cooperation within the Group, we can leverage the potential of current and new clients, as well as extensive experience, to increase the scale of C.Hartwig Gdynia’s operations and strengthen the position of the OT Logistics Capital Group – summarizes Ryszard Warzocha, President of the Management Board of C.Hartwig Gdynia and Vice 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 PLN 82.9 million in revenue, while EBITDA amounted to PLN 6.4 million and net profit to PLN 5.1 million.
The agreement to purchase Sealand Logistics is conditional. The transaction will be completed after obtaining the consent of the President of the Office of Competition and Consumer Protection (UOKiK) for the merger, conducting a positive due diligence of Sealand Logistics, and after the Supervisory Board of OT Logistics grants consent for the company to provide a corporate guarantee for the payment of the second and third parts of the share purchase price of Sealand Logistics.