Rhenus Group has bought Wincanton’s remaining business in mainland Europe in a deal believed to be valued at up to €74m ($107m). Wincanton’s activities in this area, which includes subsidiaries in Germany and France, representing revenue of around €550m and €4m in profit.
The UK-headquartered logistics firm has sold the businesses to Rhenus for €44 million, although the total value of the deal is estimated to be worth closer to €74 million, as Rhenus is also assuming pension-related debts of €30 million, according to the IFW.
The services involved in the sale were predominantly in contract logistics and intermodal transport, although it includes at least some finished vehicle logistics business. Part of the German business includes logistics for Ford, Audi as well as for Porsche, for which it handles inbound logistics for production in Leipzig and Zuffenhausen. Wincanton also performed tyre logistics.
The sales completes Wincanton’s pullback from mainland Europe to focus on core activities. It follows the sale in June of Wincanton’s German road network and businesses in Poland, Hungary, Czech Republic and Slovakia to Raben Group, and its logistics operations in the Netherlands to JCL.
The French business had been loss making.
The transaction is subject to approval by Wincanton’s shareholders, to anti-trust clearance and regulatory approvals.
