Elanders: Acquires 80% of NA logistics company

Elanders: Acquires 80% of NA logistics company - ABG

Expanding within Fashion & Lifestyle
Adds 4% to Q4e adj. EBITDA and 5% to ’22e
Elanders now at 9x ’22e EV/EBITA (adj.)

Elanders completes the acquisition of 80% of shares in Bergen Shippers Corp (‘Bergen’), an American company specialised in contract logistics services for the customer segment Fashion & Lifestyle. More specifically, the company focuses on mid-sized brands and, according to Elanders, has an established platform capable of handling large volumes (has 450 customers) at high profitability. Bergen has estimated ’21e sales of USD 102m and EBITDA of USD 15m (14.7% margin vs. Elanders’ ‘21e EBITDA margin of 12.8%). Elanders purchased 80% of the shares for USD 124m (implying an EV of USD 155m), for a ’21e EV/EBITDA of 10x and EV/sales of 1.5x. Elanders also has a mandatory option to purchase the remaining 20% of Bergen in 2024 at a purchase price dictated by the company’s 2023 performance. The acquisition comes with one-off transaction costs of SEK 12-15m, affecting Q4 earnings.

We find it positive that Elanders utilises its acquisition headroom and strong free cash flows in order to expand its operations, strengthening its position in NA considerably and also reaching out to a large new customer base. When adding Bergen’s EBITDA, Elanders trades at 9x ’22e EV/EBITA (adj.) on our estimates.

Elanders: Acquires 80% of NA logistics company - ABG

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Börsläget den 10 december, 2024

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Elanders: Acquires 80% of NA logistics company - ABG

Agnes Michanek pekar ut vägen framåt

Börsläget den 10 december, 2024

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