DHL gets drunk on J.F. Hillebrand
DHL, which has been amongst the bidders for prime player J.F. Hillebrand for a while, has now made it. The Deutsche Post DHL Group (DPDHL) has inked an agreement to acquire all of the J.F. Hillebrand Group and its subsidiaries at an equity value of around EUR 1.5 billion.
This was the price that was expected for J.F. Hillebrand, which generates annual revenues of around EUR 1.4 billion and an ebitda of EUR 100–120 million. It transports 500,000 teu a year, mainly by ship.
It was well known in the market that Hillebrand's Belgian private equity owner, Copeba, which took over the company in 2016, wanted to cash out. The ocean freight forwarder that specialises in transporting beverages, non-hazardous bulk liquids and other products that require special care, serves 25,000 companies and has a workforce of 2,700.
In its press release DHL did not make it clear whether the J.F. Hillebrand Group’s CEO and chairman of its executive board, Cees van Gent, and his management team will stay on board. In the press release van Gent claimed vaguely that “Hillebrand will continue to build on its 177-year heritage.”
The transaction has yet to be authorised by to merger monitoring authorities in certain jurisdictions, including the EU and the USA. DPDHL, which had significantly positive results in 2020, and in 2021 so far, will fund the acquisition with available cash. (cd)
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