Barclays Private Equity (BPE) has bought a majority stake in German courier firm In Time Expresswhich aims to grow further through acquisitions and geographical expansion.
Barclays acquired the holding from Equity Capital Management (ECM) for an undisclosed sum. Thecompany’s managers, who own minority stakes, have re-invested in the firm as part of thetransaction, ECM said in a statement.
“With BPE, In Time wants to further strengthen and expand its position as a European marketleader for time-critical special deliveries through geographical expansion and strategicacquisitions,” the statement said.
In Time is one of Europe’s largest companies for direct courier deliveries, and serves primarilythe automotive industry as well as other manufacturing sectors and logistics companies. With 400employees at 20 branches in Germany, Romania, the Czech Republic, Hungary and Sweden, the companyhad revenues of more than €100 million in 2010.
ECM’s GEP III fund acquired the majority stake in In Time in 2007 when the company’s founderretired. Since then, its turnover has more than doubled from €45 million to €100 million, employeenumbers doubled to about 400 and the branch network was extended. In 2008, In Time bought thesecond-largest German direct transport courier RS Logistik and is now the clear market leader inGermany and Eastern Europe.
ECM managing director Axel Eichmeyer praised In Time’s “committed managers” for havingsignificantly driven consolidation of the fragmented niche market, broadened the customer base andfocused on growth in the last few years. “In Time now has the critical mass and a blue-chip clientportfolio of leading OEMs, suppliers and logistics firms so it can further expand its position inthe growing European market for express logistics,” he commented.
In Time’s managing director Gerd Röttger added: “Together with Barclays Private Equity we wantto continue the successful path taken with ECM, expand our geographical presence, further extendour market leadership for reliable express logistics in Europe and move into areas of growthpotential.”
