BBG: Deutsche Post joins $1.8bn race for Hillebrand

BLOOMBERG reports:

Deutsche Post AG has joined the bidding for German alcohol logistics company Hillebrand, according to people familiar with the matter.

The German delivery group has entered discussions with Hillebrand’s owner, private equity firm Cobepa, about a potential acquisition, the people said. Hillebrand could be valued at about 1.5 billion euros ($1.8 billion) in any deal, the people said, asking not to be identified discussing confidential information.

Deliberations are ongoing, and Cobepa could still decide to pursue a deal with a rival suitor, the people said. Representatives for Deutsche Post and Cobepa declined to comment, while a spokesperson for Hillebrand couldn’t immediately be reached for comment.

Hillebrand, which traces its roots back more than 175 years as a transporter of wine barrels, provides logistics services to the global drinks industry. It employs about 2,700 staff globally and generates annual revenue of 1.4 billion euros, according to its website. Cobepa bought the company in 2006.

A purchase of the business would be one of Deutsche Post’s largest since its 2005 acquisition of U.K. freight group Exel Plc for about $7 billion, according to data compiled by Bloomberg.

(Adds potential value in second paragraph)

The company has been a takeover target for some time: in mid-2019 (read this), sources told Premium that under a change of ownership scenario it was highly unlikely it would ever join forces with a partner of its own size, but “perhaps a sale to a DHL GF/DB Schenker… why not?”.

More soon, hopefully!