British financial investor 3i said that it has completed the takeover of Belgian-based ABXLogistics for an undisclosed sum following this week’s clearance for the deal from the European
Commission. But, as previously reported, the domestic Belgian business has been left under theownership of Belgian Railways.3i said in a statement that it and funds which it has advised have completed the acquisition ofABX Logistics’ international trucking, air and sea freight forwarding activities, including thoseto and from Belgium, and its contract logistics business. The deal was previously valued at about€80 million by Belgian media.
But the acquisition excludes the local road distribution business within Belgium whichrepresents less than 3% of total group turnover. This business includes the original ABX Logisticsdomestic parcels operation.
ABX Logistics, with turnover of €2.5 billion and a workforce of circa 10,000 people, hasreturned to profit following restructuring and downsizing over the past few years. 3i said it isbacking the existing management team, led by Laurent Levaux, Chief Executive Officer.
Stuart McMinnies and Robert Van Goethem, Partners within 3i’s European Buyouts business who ledthe transaction, commented: “ABX Logistics is recognised by its customers as providing a highlyflexible and bespoke service. This, combined with a management team of the highest quality and amarket underpinned by increasing trade from Eastern Europe and Asia, led to our interest in thebusiness. We look forward to supporting ABX Logistics to continue growing and developinginternationally, and delivering even more for its customers”.
Laurent Levaux, CEO of ABX Logistics Worldwide, added: “We are delighted to work with 3i. Theyunderstand our business and have been able to bring together with SNCB Holding the expertisenecessary to manage this complex privatisation process. With the support of 3i, we shall continuein the future to develop the business through market and acquisitive growth, whilst maintaining thehigh standards of service and flexibility that our customers have come to expect and trust.”
