Tag Archives: Logistics

EQT Infrastructure acquires Molslinjen, Denmark’s largest passenger ferry company

eqt

  • EQT Infrastructure acquires Molslinjen, a critical part of Denmark’s domestic transport network, linking major population centers and creating connectivity between regions as well as connecting several important islands to the mainland
  • Molslinjen contributes to increased economic activity and social development as an enabler of movement of passengers and goods across its network of “floating bridges”
  • EQT Infrastructure will support Molslinjen’s continued sustainability agenda through investments in the decarbonization of the ferry fleet and the acceleration of the transition to renewable fuel sources

EQT is pleased to announce that EQT Infrastructure has entered into a definitive agreement to acquire Molslinjen A/S (”Molslinjen” or “the Company”) from a group of shareholders led by Polaris.

Molslinjen is headquartered in Aarhus, Denmark and was established in 1963 as a single route operator creating a shortcut between Jutland and Zealand, thereby also a connection between the country’s two largest cities. Since then, the Company has grown into Denmark’s largest passenger ferry company with over 700 employees and 15 vessels serving over eight million people per year across nine routes, including connections to Sweden and Germany. Molslinjen generated revenues of around DKK 1.9 billion in 2019.

Operating in a country of many islands, Molslinjen is a critical part of Denmark’s transportation infrastructure. Its routes constitute a network of “floating bridges” that link Denmark’s major population centers and connect several important islands with the mainland. As an enabler of movement of passengers and goods, Molslinjen contributes to Denmark’s local and regional economic activity and social development.

Molslinjen’s long-term development is supported by strong secular trends, such as a steady population growth, increased urbanization, climate consciousness, and increasing domestic travel. The Company is well-positioned to capitalize on these shifts with its state-of-the-art ferry fleet, serving the most important travel corridors in the country.

Over the past decade, Molslinjen has reduced the CO2 emission per transported kg with over 60 percent. In the years to come, the Company will continue to invest in increased decarbonization of its ferry fleet and reduction of fossil fuel dependence. EQT Infrastructure is committed to supporting the Company’s transition to electrified ferries on selected routes and introducing renewable fuel sources for larger vessels. Moreover, EQT Infrastructure will focus on customer service improvements, such as refitting of the vessel layout, increased departure frequency and higher passenger capacity on popular routes.

Daniel Pérez, Partner at EQT Partners: “We have followed Molslinjen closely for years and are tremendously impressed with its transformation into an indispensable element of the Danish transport infrastructure, under the leadership of Carsten Jensen and his management team. The next development phase of Molslinjen will be defined by the Company’s ambitious sustainability agenda and continued investments in electrification and renewable fuel sources. In parallel, we also believe that there is scope to further build on Molslinjen’s successful inorganic growth strategy. Taken together, these investments will further future-proof the Company, and we look forward to embarking on this journey together with Carsten and the management team.”

Carsten Jensen, CEO of Molslinjen, said: “We are excited to team up with EQT Infrastructure, they are a highly strategic partner who will bring both the industry expertise and financial muscles to support Molslinjen’s green development plans. We now look forward to setting sail towards the next chapter in our growth journey together with EQT.”

The transaction is subject to customary conditions and approvals and is expected to close in early 2021.

EQT was advised by Danske Bank and DC Advisory (M&A / Financing), Accura (Legal), EY (Financial and Tax), McKinsey (Commercial) and Arup (Technical).

With this transaction, EQT Infrastructure V is expected to be 20-25 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size, and subject to customary regulatory approvals.

Contact
Daniel Pérez, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, +4673 314 99 87
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with more than EUR 75 billion in raised capital and over EUR 46 billion in assets under management across 16 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Molslinjen
Molslinjen is Denmark’s largest passenger ferry company with over 700 employees and 15 vessels serving over eight million people per year across nine routes, including connections to Sweden and Germany. Molslinjen generated revenues of around DKK 1.9 billion in 2019. In cooperation with Herning Turist, Molslinjen is operating busses under the brand Kombardo Expressen on direct busroutes to/from Copenhagen – Aarhus, Aalborg, Randers, Holstebro, Herning, Silkeborg and Rønne.

More info: www.molslinjen.dk

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Nesco Holdings to Acquire Custom Truck One Source and Create Leading Specialty Rental Equipment Company in Partnership with Platinum Equity

Platinum

Press Release · December 03, 2020

Transformative transaction resulting in greater scale and enhanced depth and breadth of products and services to better serve highly attractive infrastructure-related end-market customers

Platinum Equity, the premier financial sponsor in the specialty rental equipment industry, has committed to invest over $850 million in Nesco and will hold a majority interest in the combined company

Nesco lead investors, Energy Capital Partners and Capitol Investment, and existing CTOS lead investor, Blackstone, to remain ongoing shareholders in partnership with Platinum Equity

Combination significantly reduces leverage, includes material synergies and substantially enhances both corporate and public market liquidity

Fort Wayne, Indiana – December 3, 2020 – Nesco Holdings, Inc. (NYSE: NSCO, “Nesco” or the “Company”) today announced it has entered into a definitive agreement to acquire Custom Truck One Source (“CTOS”) for a purchase price of $1.475 billion. Nesco and CTOS are leading providers of specialized truck and heavy equipment solutions including rental, sales and aftermarket parts and service.

The combination will create a leading, one-stop-shop provider of specialty rental equipment serving highly attractive and growing infrastructure end-markets, including transmission and distribution (“T&D”), the 5G revolution build-out and critical rail and other national infrastructure initiatives. With complementary business lines, customer bases and capabilities, the combination is expected to yield significant benefits from increased scale, breadth of product and service offerings and expanded geographic coverage. Following closing, the combined company will have a more attractive financial profile with significantly reduced leverage and enhanced liquidity providing flexibility to address anticipated demand in the large and growing addressable market in which it operates.

In connection with the transaction, an affiliate of Platinum Equity, LLC (“Platinum”) has committed to invest over $850 million into Nesco in exchange for newly issued common stock at a price of $5.00 per share. In addition, existing CTOS shareholders, including certain funds managed by The Blackstone Group, Inc. (“Blackstone”), in its capacity as the current majority owner of CTOS, and certain members of the CTOS management team, are expected to invest approximately $100 million into Nesco in exchange for newly issued common stock also at the same price as Platinum. Energy Capital Partners (“ECP”) and Capitol Investment (“Capitol”), who together currently own ~70% of Nesco’s outstanding common stock, will retain their entire ownership positions in Nesco and have entered into voting agreements in support of the transaction. Subject to closing mechanics and an additional equity investment of up to $200 million, upon closing, Platinum is expected to own approximately 57% of Nesco’s common stock, with existing CTOS shareholders owning approximately 7%, ECP owning approximately 10% and Capitol owning approximately 3%. The additional equity investment of up to $200 million is targeted to be raised between signing and closing with a Platinum backstop for $100 million.

There will be approximately 259 million shares outstanding at closing assuming the full $200 million of additional equity is raised.  The transaction is anticipated to also be financed with a new $750 million ABL, of which approximately $400 million will be drawn at closing, and $900 million of high yield notes.  Pro forma net debt at closing is projected to be approximately $1.3 billion.

“Since Capitol’s investment in Nesco last year, our number one strategic priority has been to find a way to bring these two companies together, given the significant value inherent in the combination. With enhanced scale, a broader set of capabilities and vastly improved financial flexibility, we believe the new company will be distinctively well-positioned to take advantage of the anticipated growth in critical U.S. infrastructure efforts in energy, telecom and rail over the near term and beyond,” said Mark Ein, Chairman & CEO of Capitol and Vice Chairman of Nesco. “We are very pleased to partner with Platinum given its deep knowledge and strong track record in the equipment rental industry, as well as the existing CTOS shareholders led by Blackstone. Together with Platinum and our other co-investors and the combined company’s Board and management team, we look forward to capturing the meaningful upside opportunities that lie ahead.”

“This is a powerful team of investors coming together to create value,” said Tom Gores, Chairman and CEO of Platinum Equity. “We will deploy our industry knowledge and global operating expertise to maximize the potential of this investment.”

Platinum Equity was previously the majority owner of Nesco from 2011 to 2014, and has been a long-time, successful investor in a wide range of specialty rental businesses.

“This is a powerful team of investors coming together to create value,” said Tom Gores, Chairman and CEO of Platinum Equity. “We will deploy our industry knowledge and global operating expertise to maximize the potential of this investment.”

“We know these companies and the industry extremely well and we have a well-defined playbook for creating value in this space,” said Louis Samson, Partner at Platinum Equity. “We also have a deep bench of operations professionals specialized in merger integration and business transformation who will help bring Nesco and CTOS together, building on the best attributes of each. We expect the combination will create a compelling industrial growth company with strong fundamentals and multiple ways to drive EBITDA organically or through additional M&A.”

“We are excited to bring together our complementary companies to provide a full range of solutions to our customers,” said Fred Ross, Chief Executive Officer of CTOS. “I want to thank our dedicated employees for all that they do each day. Looking ahead, as a combined company, we will be very well positioned to capitalize on a broad range of growth opportunities and better serve our customers’ specialty rental equipment needs on a national basis. We look forward to working together with the Nesco team to realize substantial synergies that will create meaningful value for all our stakeholders.”

John-Paul (JP) Munfa, Managing Director at Blackstone, added, “We at Blackstone are proud to have played a role in the establishment of CTOS, in partnership with Fred Ross and other CTOS shareholders, and have seen the company more than double in size during our ownership. We believe the additional scale and public market access provided by the transaction are the next logical step in the company’s evolution, and we are pleased to invest in a transaction carrying significant commercial benefits for the company’s customers, in partnership with Platinum, Capitol, ECP and Nesco’s existing shareholders.”

“This combination will create new opportunities for our company, our employees and the customers we serve,” said Lee Jacobson, Chief Executive Officer of Nesco. “Nesco and CTOS are a perfect fit and together will be well positioned to pursue numerous opportunities in the rapidly growing specialty rental segment. We couldn’t have reached this milestone without the hard work of our team, and we look forward to working together with CTOS to ensure a seamless transition.”

Strategic Combination Creates a Compelling Industrial Growth Company

  • Enhanced value proposition to customers through “one-stop-shop” national platform. The combined company will offer customers a full suite of solutions across the specialty rental equipment value chain, including equipment rental, new sales, used sales, aftermarket parts and service and retail parts, tools and accessories. Together, the combined company will operate on a national scale with over 1,800 employees, 46 company-operated locations and a rental fleet that will be nearly double in size with almost 9,000 units and more than $1.3 billion in combined original equipment cost (“OEC”).
  • Favorable exposure to highly attractive end-markets with strong fundamentals. The combined company’s core end-markets will include T&D, telecom, rail and infrastructure, all of which benefit from strong secular growth and macro mega trends, as well as limited downside cyclicality. The combined company’s increased scale and national presence will provide significant opportunities to further penetrate new and existing customers across geographies and end-markets.
  • Integrated platform with scale and differentiated offerings. The combination will create a unique business model that should drive a better customer experience and a significant increase in the number and breadth of rental assets available. With a substantially increased rental fleet, scale-enabled purchasing benefits, maximum production and customization flexibility and a well-established new and used sales business, the new company will be better positioned to serve customers and win business.
  • Significant anticipated cost synergies with additional revenue upside opportunities. Nesco and CTOS expect to achieve approximately $50 million in run-rate annual cost synergies within two years of closing. Cost savings are expected to be realized through back office consolidation, procurement and SG&A efficiencies and service and production optimization. The combined company also expects additional upside opportunities from identified revenue synergies via expanded service offerings and cross-selling opportunities and fleet synergies.
  • Compelling financial profile with strong momentum and ample flexibility. The combined company expects to deliver pro forma 2020 adjusted EBITDA of approximately $337 million including run-rate cost synergies and pro forma 2021 adjusted EBITDA of $380 million to $400 million including run-rate cost synergies, as well as meaningful free cash flow as core end-market activity continues to grow. At closing, the combined company expects to benefit from more than $300 million in liquidity and a reduction in net leverage from 6.3x to 3.9x, based on last twelve months ended September 30, 2020 adjusted EBITDA including run-rate cost synergies.

Leadership and Headquarters

At closing, the Nesco Board of Directors will be reconstituted such that Blackstone, ECP and Capitol each retain one board seat and Platinum holds majority voting power of the Board. Together, the parties will work to drive value for all shareholders.

Mr. Ross is expected to serve as CEO of the combined business. The combined company will be headquartered at the CTOS campus in Kansas City with significant operations maintained in Indiana. Additional details, including plans for integrating the respective brands, will be addressed post close by a transition team comprising representatives from each of the companies.

Approvals

The transaction has been unanimously approved by the Nesco Board of Directors and is expected to close in the first quarter of 2021, subject to shareholder approval and other customary conditions. ECP and Capitol have entered into voting agreements in support of the transaction.

Advisors

J.P. Morgan Securities LLC is serving as financial advisor to Nesco and Latham & Watkins LLP is serving as legal counsel. Citi is serving as financial advisor to CTOS and Kirkland & Ellis LLP is serving as legal counsel.

Debt financing commitments have been obtained by Bank of America, who will be leading the financing.
Hughes Hubbard & Reed LLP is serving as legal counsel to Platinum.

Conference Call and Webcast

Representatives of Nesco, CTOS, Capitol and Platinum will host a conference call today, December 3, 2020, at 8:30 a.m. ET to discuss the transaction. The conference call can be accessed by dialing +1 877-524-8416 (U.S. and Canada only) or +1 412-902-1028.

A live webcast of the conference call will be available on the investor relations section of Nesco’s website at https://investors.nescospecialty.com/events-and-presentations/default.aspx#upcoming-events.

ABOUT NESCO

Nesco is one of the largest providers of specialty equipment, parts, tools, accessories and services to the electric utility transmission and distribution, telecommunications and rail markets in North America. Nesco offers its specialized equipment to a diverse customer base for the maintenance, repair, upgrade and installation of critical infrastructure assets including electric lines, telecommunications networks and rail systems. Nesco’s coast-to-coast rental fleet of more than 4,000 units includes aerial devices, boom trucks, cranes, digger derricks, pressure drills, stringing gear, hi-rail equipment, repair parts, tools and accessories. For more information, please visit investors.nescospecialty.com.

ABOUT CUSTOM TRUCK ONE SOURCE

CTOS is a leading provider of specialized truck and heavy equipment solutions to the utility, telecommunications, rail and infrastructure markets in North America. CTOS solutions include rentals, sales, aftermarket parts and service, equipment production, manufacturing, financing solutions, and asset disposal. With vast equipment breadth, CTOS’ team of experts service its customers across an integrated network of 26 locations across North America. For more information, please visit www.customtruck.com.
Additional Information About the Acquisition and Where to Find It
This communication is being made in respect of the proposed acquisition of CTOS by Nesco. A special meeting of the stockholders of Nesco will be announced as promptly as practicable to seek stockholder approval in connection with the proposed acquisition. Nesco expects to file with the Securities and Exchange Commission (“SEC”) a proxy statement and other relevant documents in connection with the proposed acquisition. The definitive proxy statement will be sent or given to the stockholders of Nesco and will contain important information about the proposed transaction and related matters. INVESTORS AND STOCKHOLDERS OF NESCO ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT NESCO, CTOS AND THE ACQUISITION. Investors may obtain a free copy of these materials (when they are available) and other documents filed by Nesco with the SEC at the SEC’s website at www.sec.gov, at Nesco’s website at www.nescospecialty.com or by sending a written request to Nesco Holdings, Inc., 6714 Pointe Inverness Way, Suite 220, Fort Wayne, Indiana 46804, Attention: Chief Financial Officer and Secretary.
Participants in the Solicitation
Nesco and its directors, executive officers and certain other members of management and employees may be deemed to be participants in soliciting proxies from its stockholders in connection with the acquisition.  Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation of Nesco’s stockholders in connection with the acquisition will be set forth in Nesco’s definitive proxy statement for its special stockholder meeting. Additional information regarding these individuals and any direct or indirect interests they may have in the acquisition will be set forth in the definitive proxy statement when it is filed with the SEC in connection with the acquisition. You can find information about Nesco’s directors and executive officers in Nesco’s filings with the SEC, including Nesco’s definitive proxy statement for its 2020 Annual Meeting of Stockholders, which was filed with the SEC on May 1, 2020.
Forward-Looking Statements
Certain statements contained in this communication may be considered forward-looking statements within the meaning of U.S. securities laws, including section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the proposed transaction and the ability to consummate the proposed transaction. When used in this communication, the words “potential,” “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Nesco’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the ability to consummate the acquisition of CTOS and to integrate the acquisition into the Nesco business; failure to obtain necessary stockholder and regulatory approvals or to satisfy any of the other conditions related to the acquisition of CTOS; the ability to realize expected synergies and the timing for any such realization; projected financial results for Nesco and CTOS, including on a combined basis; potential litigation associated with the acquisition of CTOS; the potential impact of the announcement of the acquisition of CTOS on Nesco’s or CTOS’s relationships, including with suppliers, customers, employees and regulators; the impact of the COVID-19 pandemic on Nesco’s or CTOS’s business operations, as well as the overall economy; Nesco’s ability to execute on its plans to develop and market new products and the timing of these development programs; Nesco’s estimates of the size of the markets for its solutions; the rate and degree of market acceptance of Nesco’s solutions; the success of other competing technologies that may become available; Nesco’s ability to identify and integrate acquisitions, including the acquisition of truck utilities; the performance and security of Nesco’s services; potential litigation involving Nesco; and general economic and market conditions impacting demand for Nesco’s services. For a more complete description of these and other possible risks and uncertainties, please refer to Nesco’s annual report on form 10-K filed with the securities and exchange commission on March 13, 2020 and quarterly report on form 10-Q filed with the securities and exchange commission on May 7, 2020, as well as to Nesco’s subsequent filings with the SEC. Should one or more of these material risks occur, or should the underlying assumptions change or prove incorrect, Nesco’s actual results, performance, achievements or plans could differ materially from those expressed or implied in any forward-looking statement. The forward-looking statements contained herein speak only as of the date hereof, and Nesco undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
NESCO INVESTOR CONTACT

Josh Boone, CFO
(800) 252-0043
investors@nescospecialty.com

PLATINUM INVESTOR CONTACT

Dan Whelan
Principal, Platinum Equity
dwhelan@platinumequity.com

MEDIA CONTACT

Joele Frank, Wilkinson Brimmer Katcher
Jim Golden / Tim Lynch
212-355-4449

Investor Relations
and Media Contacts:

Mark Barnhill
Partner
+1 310.228.9514 E-mail Mark

Dan Whelan
Principal
+1 310.282.9202 E-mail Dan

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Permira Growth Opportunities agrees to acquire minority stake in Full Truck Alliance

Permira

Permira, the global private equity firm, announced that a company backed by the Permira Growth Opportunities Fund (“PGO” or the “Fund”) has agreed to acquire a minority stake in Full Truck Alliance Co. Ltd. (“FTA” or “Manbang”), China’s largest online B2B marketplace for commercial freight, connecting truckers and shippers. The Permira Growth Opportunities Fund is the lead new investor in this fundraising round which saw a total equity raise of US$1,690 million from new and existing investors.

FTA is the leading online commercial freight platform in China in the full-truck-load (FTL) segment. Its mobile applications provide match-making services to shippers, third-party logistics providers and truck drivers in China’s road freight logistics market, improving transportation efficiency by reducing transaction costs and the number of empty return loads. With 1.9 million and 5 million monthly active shippers and truckers respectively on the platform, FTA has captured a significant share of market participants and freight traffic across the country. The platform has also become the leading ecosystem for value-added services, including electronic toll collection, financial and energy services for commercial trucking in China.

Robin Bell-Jones, Partner at Permira Hong Kong, said: “This exciting investment in FTA represents PGO’s first investment in China and is a strong fit for the Fund, building on Permira’s track record of backing leading online marketplaces and tech-enabled logistics businesses, including Allegro in Europe and Lytx in the US.”

Speed Liu, Investment Director at Permira Shanghai, added: “FTA is a pioneer serving China’s vast and rapidly growing commercial trucking market. With COVID-19 accelerating the demand for efficient logistics in China, FTA is exceptionally well-placed to continue to build a more efficient market and expand its services for both shippers and truckers across China.”

Media contacts

Nina Suter Head of Communications – Director +44 (0) 207 632 4037

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Sendcloud raises €12.6 million in Series B funding to expand its all-in-one shipping platform for e-commerce

AXA

Scale-up plans recruitment of 200 new employees to accelerate growth
November 16th 2020, London – Sendcloud, the leading e-commerce shipping platform in
Europe, today announced it has closed a €12.6 million Series B Round. The new investment
will enable the company to open up the global delivery market by enhancing its international
expansion and ongoing development of the international shipping platform. The funding round
was led by AXA Venture Partners with participation from existing investors BOM, Bonsai
Partners and accompanied by a loan from Rabobank. Prior investors also include HenQ, TiiN
Capital and Startupbootcamp.

With the full support of investors, Sendcloud will continue to expand its vision to strengthen
the market position of online stores by optimizing their shipping- and returns process. This
streamlined process reduces the costs of shipping for online stores and helps them to meet
consumers’ demands, enabling them to compete with larger e-tailers on a global scale.
Sendcloud offers 50+ integrations, including all leading e-commerce platforms and
marketplaces like Amazon, Etsy, Shopify, WooCommerce and Wix. The all-in-one shipping
platform is currently active in 8 European countries, of which the latest is the UK, Europe’s
largest e-commerce market.

Over the past years the Dutch scale-up has made huge steps in simplifying the shipping
process for online retailers. However, growing parcel volumes and increasing customer
demands create new challenges in the field of e-commerce logistics. A global shipping network
will contribute to opening up the complex delivery market for all, providing online stores of all
sizes with the tools to compete against the e-commerce giants.

The funding enables Sendcloud to integrate more local and global carriers and further
automate the shipping process, allowing consumers to choose their desired delivery option no
matter where they live. The investment builds on an exceptional year for Sendcloud, due to
the explosive growth in e-commerce and the recent expansion to the UK. To support the
sudden increase in customers, the company has grown from 120 to 260 employees in just one
year. The new funds will be used to hire 200 new employees to accelerate this rapid growth
and enter new markets.

“We first spoke to the Sendcloud team over three years ago and they have continually
delivered on their plans, we are excited to support their continued international expansion with
this growth investment,” said Imran Akram, General Partner of AXA Venture Partners (AVP).
“Over the past few years, Sendcloud has evolved into a mature shipping solution that helps
online retailers to compete with major e-commerce companies. Due to the explosive growth
of e-commerce and increasing customer demands, we see new opportunities to further
improve the shipping experience,” said Rob van den Heuvel, CEO and Co-founder of
Sendcloud. “By hiring talented people, we can realize our ambitions to simplify cross-border
shipping and take e-commerce businesses to new heights.”

About Sendcloud
Sendcloud is an all-in-one shipping platform for e-commerce businesses that want to scale. It
is our mission to empower online retailers to compete by optimizing the full shipping journey
from checkout to returns. Our solution turns e-commerce logistics from a bottleneck into an
accelerator, making shipping a competitive advantage.
Founded in the Netherlands in 2012, Sendcloud has quickly become one of the fastest growing
scale-ups and leading shipping solutions in Europe, with more than 15,000 customers across
the UK, France, Germany, Spain, Italy, Belgium and Austria. Customers range from small to
enterprise-sized online retailers and in industries from fashion and electronics to food & drink.
Technology is at the heart of Sendcloud. With a SaaS-model as a starting point, the company
has evolved over the years from a simple API to an all-in-one platform that automates the
entire shipping process. From choosing multiple carriers to automating returns, Sendcloud
makes shipping a virtue of necessity. Our passion for tech drives us to improve our platform
everyday to ensure retailers and consumers can count on the best shipping solution ever. By
optimizing the shipping process for retailers, the consumer experience is taken to a higher
level. As a result, handing over a parcel is no longer a simple business transaction, but part of
the customer experience, creating a win-win situation for both online retailers and consumers.

About AXA Venture Partners (AVP)
AXA Venture Partners (AVP) is a global venture capital firm investing in high-growth,
technology enabled companies. AVP has built, in less than five years, a unique investment
platform specialized in tech investments with $800 million of assets under management
through three pillars of investment expertise: early stage, growth stage, and fund of funds. To
date, AVP has invested in more than 45 companies and more than 20 funds. The AVP team
operates globally with offices in San Francisco, New York, London, Paris, and Hong Kong.
Beyond investments, AVP provides unique access to business development opportunities
helping portfolio companies to scale globally and accelerate their growth. More details
here: www.axavp.com

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Dickinson Fleet Services Acquires Interstate Truck Center

Ridgemont Equity Partners

November 10, 2020

Leading Fleet Repair & Maintenance Provider Expands Mobile Service Offering

Indianapolis, IN and Kansas City, MO (11/10/2020) – Dickinson Fleet Services (“Dickinson” or “DFS”), along with majority shareholder Ridgemont Equity Partners, is pleased to announce the acquisition of Interstate Truck Center (“Interstate” or “ITC”) of Kansas City, MO, forming a unique partnership which will leverage the mobile expertise and capabilities of both companies. Interstate will continue to operate under its founder-led management team and be supported by the DFS platform. This new partnership will cement the combined business as the largest mobile maintenance provider in North America and provide fleets with an increased breadth of services across both scheduled and unscheduled fleet maintenance. The combined entity has mobile power, mobile trailer, and mobile emergency service capabilities across an enhanced footprint, with a combined fleet of 700+ mobile repair units. The partnership will also position DFS and ITC to better capitalize on the shift to mobile maintenance demanded by the fleet maintenance industry today.

“We are very excited to partner with the Interstate team,” said Ted Coltrain, Executive Officer at DFS. “ITC has built a strong reputation for providing exceptional and timely emergency mobile repair services nationwide. This strong track record will serve as a solid base to accelerate future growth for both DFS and ITC by expanding our market presence and service offering for new and existing customers.”

“The combined service offering of DFS and ITC is a win for us and for our customers. We can now provide a self-performing, full-service solution for our customers across both scheduled and unscheduled maintenance, which is truly unique in the industry today,” added Mike Dickinson, Executive Officer at DFS.

“Partnering with Dickinson provides us with a unique opportunity to more effectively deliver on our promise to customers of always having knowledgeable, professional technicians available to keep our customers’ fleets moving. Together, we will deliver industry-changing commitments to reduce downtime for our customers. The partnership of ITC and DFS is a natural fit and will create tremendous growth opportunities for all involved,” said Scott Higgs, President of Interstate Truck Center.

As companies grapple with increasing supply chain complexity, driver shortages, and the impacts of e-commerce, the mobile emergency services offered by DFS and ITC will provide unparalleled value to the customers of both companies by fulfilling the promise to ensure that customers will never have to miss a delivery as a result of an emergency breakdown event. Additionally, the full spectrum of mobile offerings will continue to drive incremental value for North American fleets by minimizing downtime and reducing inefficiencies in the repair cycle.

ITC marks Dickinson’s tenth acquisition since 2017. DFS continues to pursue additional acquisition targets across North America. Dickinson was supported in the formation of this partnership by Ice Miller LLP for legal matters and by KSM Business Services, Inc. for financial matters.

About Dickinson Fleet Services

Headquartered in Indianapolis, Indiana, Dickinson Fleet Services has grown into one of the largest independent fleet maintenance and management companies in the country. DFS is the leading provider of on-site mobile maintenance and repair services nationwide, offering mobile on-site maintenance and repair services for light, medium and heavy duty trucks and trailers with over 300 mobile units operating in 40 states. DFS services fleet customers with 15 company-owned maintenance facilities each offering select services from accident repair, paint, refurbishment and dedicated technician services, combined with an in-house CARES CALL center providing 24/7 repair assistance. DFS has made significant investments in training and technology, including WebWrench® (maintenance tracking and scheduling through proprietary technology) and TRAIT® (real-time reporting and dynamic preventative maintenance inspections processed through a proprietary field service application), and is the only fleet services company in the nation to provide both fleet maintenance and management to its customers nationwide.

http://dickinsonfleet.com
About Ridgemont Equity Partners

Ridgemont Equity Partners is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested approximately $4.4 billion. The firm focuses on equity investments up to $250 million in industries in which it has deep expertise, including business and industrial services, energy, healthcare, and technology and telecommunications.

https://www.ridgemontep.com
Media Contact:
Kelly Lineberger
Ridgemont Equity Partners
704 944 0935
klineberger@ridgemontep.com

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Blackstone Announces Majority Stake in the Largest Logistics Park in China’s Greater Bay Area

Blackstone

HONG KONG, November 10, 2020 – Blackstone (NYSE: BX) today announced the acquisition of a majority stake in the Greater Bay Area’s largest urban logistics park for US$1.1 billion from R&F Group, expanding Blackstone’s China logistics portfolio by approximately one-third. Blackstone Real Estate’s opportunistic funds will acquire a 70% stake in the 1.2 million-square-meter logistics park located in Guangzhou, China.

Justin Wai, a Blackstone Real Estate Managing Director based in Hong Kong, said: “Logistics remains among our highest conviction global investment themes and we continue to see strong momentum driven by e-commerce trends. This transaction represents a continuation of Blackstone’s strategy to acquire high quality logistics located in tier-one distribution hubs with ongoing tenant demand. The investment also complements our existing Chinese logistics portfolio geographically, which will total 53 million square feet and give us a presence in 23 cities once the acquisition is complete.”

Cliff Chen, a Blackstone Real Estate Managing Director based in Shanghai, said: “The Greater Bay Area is rapidly emerging as a financial, technology and transportation hub and one of China’s biggest logistics markets. Our scale, expertise in logistics, and the support of dedicated teams on the ground enable us to drive our plans for the park’s future growth including constructing additional cold storage facilities and institutional-quality warehouses to cater to rising demand.”

The Greater Bay Area is a fast-growing metropolitan area comprising 11 cities including Shenzhen, Macau, and Hong Kong. The logistics park is located 15km from Guangzhou International Airport and houses blue-chip tenants across sectors such as third-party logistics (SF Express, YTO Express), e-commerce (Tmall, JD.com), pharmaceuticals (Sinopharm, CR Pharma), and telecommunications (China Mobile, China Telecom).

Blackstone Real Estate operates around the globe and has approximately US$174 billion in investor capital under management. Since 2010, Blackstone has acquired more than 1 billion square feet of logistics globally in more than 200 distinct transactions. In 2019, it announced the largest-ever private real estate transaction globally with the acquisition of U.S. logistics assets from GLP.

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has $174 billion of investor capital under management. Blackstone is one of the largest property owners in the world, owning and operating assets across every major geography and sector, including logistics, multifamily and single family housing, office, hospitality and retail. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ strategy invests in substantially stabilized real estate globally through regional open-ended funds focused on high-quality assets and Blackstone Real Estate Income Trust, Inc. (BREIT), a non-listed REIT that invests in U.S. income-generating assets. Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

Media Contact:
Ellen Bogard
Ellen.Bogard@Blackstone.com
Tel: +852 3651 7737

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21 Concordia exits Apaczka

21 Concordia has signed an agreement to sell its stake in Apaczka, the #1 e-commerce logistics and shipping platform operator, to Abris Capital Partners, a leading independent private equity fund manager.

Headquartered in Warsaw, Apaczka has been active for over 10 years in the logistics sector, enjoying a leadership position in Poland at the same level of large international shipping groups. Apaczka operates as a technology platform and an integrator, offering comprehensive shipment services for e-commerce stores, SMEs and SOHO (small office / home office) clients.

Acquired by 21 Concordia in 2017, throughout the holding period Apaczka enjoyed strong growth in direct sales and in the volume of parcels sent thanks to several strategic actions carried out. Apaczka completed 6 strategic acquisitions, including the second largest logistics player in Poland and five add-ons aimed at accelerating digital development. Moreover, Apaczka strengthened the managerial structure in the areas of finance, product, marketing and customer service and diversified its supplier base thanks to new agreements reached with international couriers such as GLS.

Apaczka also developed a new international parcel service from Poland to Germany and created a new platform dedicated to private individuals, while investing in online marketing to improve brand positioning.

On the back of these targeted actions, Apaczka today has over 40,000 clients compared to 16,000 at entry and has increased the volume of parcels sent to 8 million compared to 2.4 million in 2016, continuing to record a positive growth trend also during the covid-19 emergency.

Apaczka has a strong growth in sales in the last three years (2017-2020(B)), achieving a CAGR of over 15% and with over 35 million in sales expected in 2020. Apaczka has also doubled its workforce and opened a new branch.

21 Concordia has identified Abris Capital Partner as the ideal partner to continue the dynamic growth path launched in Apaczka.

Marek Modecki, Managing Partner at 21 Concordia, commented: “We are pleased to have actively participated in the growth of Apaczka. Working closely with the management team has allowed a rapid development of the company in one of the most appealing sectors of the moment. We are pleased that the management of Apaczka will be able to continue on this path and tackle new markets alongside a partner like Abris”

Grzegorz Iwaniuk, Co-founder and President of Apaczka, commented: “In addition to pursuing the current strategy of increasing our market share and asserting our leadership position, we plan to accelerate the growth of the business. Indeed, with the support of Abris we will notably develop and implement new solutions for entities operating in the e-commerce industry. Our goal is also to address new market segments with the apaczka.pl online platform.”

Edgar Koleśnik, Partner at Abris Capital Partners, commented: “Apaczka falls perfectly in line with the increasing demand for delivery e-services, allowing to foresee greats prospects for the company’s development. We are convinced that, with the experienced management team in place, we will be able to implement our ambitious plans both in terms of organic growth and acquisitions.”

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21 Concordia exits Apaczka

October 14, 2020

21 Concordia has signed an agreement to sell its stake in Apaczka, the #1 e-commerce logistics and shipping platform operator, to Abris Capital Partners, a leading independent private equity fund manager.

Headquartered in Warsaw, Apaczka has been active for over 10 years in the logistics sector, enjoying a leadership position in Poland at the same level of large international shipping groups. Apaczka operates as a technology platform and an integrator, offering comprehensive shipment services for e-commerce stores, SMEs and SOHO (small office / home office) clients.

Acquired by 21 Concordia in 2017, throughout the holding period Apaczka enjoyed strong growth in direct sales and in the volume of parcels sent thanks to several strategic actions carried out. Apaczka completed 6 strategic acquisitions, including the second largest logistics player in Poland and five add-ons aimed at accelerating digital development. Moreover, Apaczka strengthened the managerial structure in the areas of finance, product, marketing and customer service and diversified its supplier base thanks to new agreements reached with international couriers such as GLS.

Apaczka also developed a new international parcel service from Poland to Germany and created a new platform dedicated to private individuals, while investing in online marketing to improve brand positioning.

On the back of these targeted actions, Apaczka today has over 40,000 clients compared to 16,000 at entry and has increased the volume of parcels sent to 8 million compared to 2.4 million in 2016, continuing to record a positive growth trend also during the covid-19 emergency.

Apaczka has a strong growth in sales in the last three years (2017-2020(B)), achieving a CAGR of over 15% and with over 35 million in sales expected in 2020. Apaczka has also doubled its workforce and opened a new branch.

21 Concordia has identified Abris Capital Partner as the ideal partner to continue the dynamic growth path launched in Apaczka.

Marek Modecki, Managing Partner at 21 Concordia, commented: “We are pleased to have actively participated in the growth of Apaczka. Working closely with the management team has allowed a rapid development of the company in one of the most appealing sectors of the moment. We are pleased that the management of Apaczka will be able to continue on this path and tackle new markets alongside a partner like Abris”

Grzegorz Iwaniuk, Co-founder and President of Apaczka, commented: “In addition to pursuing the current strategy of increasing our market share and asserting our leadership position, we plan to accelerate the growth of the business. Indeed, with the support of Abris we will notably develop and implement new solutions for entities operating in the e-commerce industry. Our goal is also to address new market segments with the apaczka.pl online platform.”

Edgar Koleśnik, Partner at Abris Capital Partners, commented: “Apaczka falls perfectly in line with the increasing demand for delivery e-services, allowing to foresee greats prospects for the company’s development. We are convinced that, with the experienced management team in place, we will be able to implement our ambitious plans both in terms of organic growth and acquisitions.”

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Sovereign backed car park management solutions business Premier Park makes third acquisition

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Sovereign Capital Partners, the UK private equity Buy & Build specialist, is pleased to announce that portfolio company Premier Park, a leading provider of car park management solutions, has acquired Park Watch.

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This is the third acquisition Premier Park has made since Sovereign backed the business in May 2019 to meet the increasing demand for its services through organic growth and strategic acquisitions.

Established in 2012, Park Watch provides car park management solutions to private car parks in the UK. Based in Cheshire, the business manages sites for a range of enterprise, property management agent and SME clients and strengthens Premier’s North West presence. In 2019 Premier Park acquired UK Car Park Management (UKCPM), one of the UK’s largest providers of car park management solutions and Automatic Number Plate Recognition (ANPR) services to enterprise and SME customers. Like Premier, UKCPM installs and manages ANPR cameras and provides patrol services to monitor usage, prevent abuse and ensure legitimate users have parking access. This was followed by the acquisition of Stafford-based iView, a proprietary software business which provides ANPR processing capability to the wider parking sector.

The acquisitions have built the Group to become an integrated and scaled car park management business delivering an end-to-end service with market leading proprietary technology and internal processing capabilities. This latest acquisition takes the total number of sites under management across the UK to over 7,000 and brings the number of staff to c.160.

At the time of Sovereign’s investment in Premier Park Paul Dawson, Group CEO, joined the business. Paul had spent c.18 years working at Capita plc and held various senior management roles including CEO of ParkingEye and divisional MD of Capita Parking Services. Andy Parker, the highly experienced former Group CEO of Capita plc joined the business as non-executive Chairman.

Jonathan Thorne, Director, Sovereign Capital Partners commented:

“Premier Park is a high-quality business led by an exceptional management team. Park Watch, like Premier Park, is operating at activity levels close to pre-lockdown and the Group is performing well. We look forward to continuing to partner the team as Premier Park seeks new opportunities to grow in what is a fragmented and growth market.”

Paul Dawson, Group CEO, Premier Park said:

“This is a really exciting time and I am pleased to welcome Park Watch to the Group. Our business has grown rapidly over the last year and we have fantastic capability which we will continue to develop whilst remaining fully focused on the quality of service we deliver to our clients.”

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Innovestor invests in Shipit – One logistics platform solution for all your parcel shipping needs

Innovestor

Helsinki based Venture Capital firm Innovestor acts as lead investor in Shipit Oy Ab’s funding round. The total size of the round was EUR 800k. In addition to the investment made from our second fund, we were joined by institutional and private investors.

With the rapid growth of e-commerce over the past decade, parcel shipping volumes have increased steadily. This trend has only strengthened during the current covid-19 pandemic. Consumer behavior has in many regards changed for good, driving demand for more effective logistics solutions.

Shipit is a fast-growing Finnish technology company, which has developed a fully automated service platform for parcel and pallet shipment management, targeted particularly for e-commerce stores and SMBs. The company’s story began when Co-founder & CEO Lari Pihjalapuro noticed that Finnish SMB’s struggled to find cost effective ways for shipping internationally, thus limiting their potential for doing international business. How could a Finnish company compete, when shipping costs could easily be the same as the product itself? He set out to change this.

For the customer, Shipit provides value by offering more affordable parcel shipping rates, decreasing the need for own in house logistics team and making everything accessible via a single easy to use platform.

“The company is riding a strong wave with all forms commerce moving online. The team has been capital efficient in ramping-up volumes, and can demonstrate considerable traction on the Finnish market. We are excited to join the ride for the next growth phase”, says Innovestor’s Wilhelm Lindholm.

 

The Finnish parcel market is closing in on almost 90 million in annual shipping volume, and estimated at EUR 700 million in value in 2018. In comparison, the Global Parcel Market is valued at almost USD 380 billion in 2018, up from USD 310 billion in 2016.

As the industry has grown, it has also grabbed the attention of VC investors, who have been active in the sector. Some of the recent examples include: Shippo (USA), backed by Union Square Ventures and Bessemer; PackLink (Spain), backed by Accel and Eight Roads Ventures; Parcel2Go (UK), buy-out by Mayfair Equity Partners.

Shipit has grown strongly since its founding in 2016 and is now the market leader within its category in Finland. With revenue growth up 120% in 2019, and operating cashflow positive, the company currently ships c. 50,000 parcels each month among 4,000 registered customers.

“This investment makes it possible for us to speed up our product development, and even more aggressively aim for growth by bringing further liquidity to our internationalization efforts. All while proactively maintaining our outstanding customer service ensuring it scales as we grow. This is an exciting time for us!” commented Shipit’s Co-founder & CEO Lari Pihjalapuro.

 

 

Contact Information:

Lari Pihjalapuro, CEO, Shipit

lari.pihlajapuro@shipit.fi

+ 358 400 595 188

 

Wilhelm Lindholm, Managing Partner, Innovestor Ltd

wilhelm.lindholm@innovestor.fi

+358 405 811 051

 

Shipit joins our portfolio, which is one of the largest private venture backed portfolios in the Nordics, through the investment from Innovestor Growth Fund II.

Innovestor is a Nordic early-stage venture capital investor, who also offers direct co-investment syndication opportunities and builds growth programs.

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