Noatum, which leads AD Ports Group’s Logistics Cluster operations, has signed an agreement for the acquisition of the 100 per cent equity ownership of Sesé Auto Logistics.
Sesé Auto Logistics is the Finished Vehicles Logistics (FVL) business of Grupo Logístico Sesé.
The acquisition cost Noatum (Enterprise Value – EV) €81 million ($85 million). The transaction is expected to be completed by Q1 2024, subject to regulatory approvals.
The acquisition implies a trailing EV/EBITDA of around 3.5 times based on the company’s Last Twelve Months (LTM) performance to August 2023 – revenue of around €100 million ($105 million), with EBITDA margin of 22.5 per cent.
Going forward, Noatum expects a normalisation of the European automotive logistics market, which has been factored in the transaction business case.
Sesé Auto Logistics is engaged in road and rail transport logistics of light and heavy vehicles.
The acquisition of Sesé Auto Logistics is part of Noatum’s strategy to offer a comprehensive and vertical solution for the automotive industry under the Noatum Automotive brand.
This transaction is also expected to generate significant synergies with Noatum’s port terminals business in Spain, offering an integrated logistics solution that will reinforce Noatum Automotive’s services for Original Equipment Manufacturers (OEMs) and other stakeholders.
The company operates from five main European countries, namely Spain, Germany, Poland, Czech Republic, and Hungary, with a fleet of over 200 trucks that cover more than 30 million kilometres annually across Europe.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “With the addition of Noatum to AD Ports Group, we are delivering on our wise leadership’s ambitious vision, and our strategy to expand our presence and build end-to-end supply chains across major global markets, and notably in Europe and the Mediterranean Region.
Antonio Campoy, CEO, Noatum, Logistics Cluster, AD Ports Group said: “This is the first milestone acquisition for Noatum as the leader of AD Ports Group’s Logistics Cluster.
“Our goal is to enhance Noatum Automotive’s industry solutions in order to strengthen our products range throughout the entire logistics supply chain, and to become one of the main global players in the automotive sector.”