ABX Logistics (Acquired by DSV 2008 previously acquired by 3i 2006)
Note: This company is no longer trading as a separate enterprise.
October - DSV's completed acquisition of ABX Logistics from 3i Group has substantially strengthened DSV's air and sea freight operation. Of DSV's €4.69bn turnover in 2007, its road division accounted for 63% and its air and sea division 25%. Conversely, for ABX Logistics, air and sea transport accounted for 63% of its operations and road haulage for 23%.
The acquisition price of XB Luxembourg Holdings 1 SA, the parent company of the ABX Logistics Group, was €750m. According to DSV, the expected synergies from its purchase of ABX Logistics would be DKK750m (€100.5m) per annum when the integration was completed in 2011.
June - DSV entered into an agreement with 3i Group plc and 3i funds ("3i"), the management team in ABX Logistics and other shareholders to acquire all of the shares of XB Luxembourg Holdings 1 S.A., the parent of the ABX LOGISTICS Worldwide SA/NV Group ("ABX") of Belgium.
The aggregate price of the entire share capital, on a debt and cash free basis (Enterprise Value) is €750m (DKK5.6bn).
- For 2007, DSV and ABX had pro-forma combined aggregate annual revenues of approximately €6.5bn (DKK48.5bn) with approximately 25,000 employees, and operated own transport networks spanning more than 60 countries.
The company has faced financial problems in the last couple of years as many of its acquisitions have underperformed. It also had difficulties in integrating the companies it purchased and unlocking the value of parcels, freight and logistics networks. In 2005 it had announced a re-structuring programme including the sale of selected subsidiaries and in 2006 it was acquired by UK private investment company 3i subject to approval from the European Commission.
ABX was a subsidiary of the state run Belgian railways, SNCB, until was acquired by UK private investment company 3i. It has revenues of around €2,400m and is headquartered in Brussels, Belgium.
ABX Logistics provides land, air and sea transport and logistics services. It employs some 8,000 people in 37 countries. Its overseas organisation consists of branches in 12 countries in Asia-Pacific and 7 countries in the Americas.
The company was established in 1993 as a domestic express parcels player in order to extend the scope of the rail freight operations. In 1998 the company embarked on an international expansion programme in order to create a fully integrated logistics provider.
Its first three major acquisitions, on which the rest of the company was built, were Thyssen Haniel (Germany), The Dubois Group (France) and Saima Avandero (Italy). From a European base it expanded worldwide with acquisitions in the Far East and the Americas. The majority of its business however was in Europe and almost half was in road transport. Freight forwarding was also important whilst contract logistics was the smallest element.