Focus of target

Danish ferry operator DFDS announced today to have acquired Holland-based HSF Logistics Group, which was defined as”one of Europe’s leading cold chain logistics providers to meat producers and other food producers that operates temperature-controlled supply chains.”

It added: 

– HSF Logistics Group has revenue of DKK 2.8bn and 1,800 employees;

– Enterprise value of DKK 2.2bn (EUR 296m);

– Transaction structure leaves DFDS’ financial leverage unchanged.

Here is what DFDS is buying into: 

“The Group operates four brands with HSF Logistics a leading brand in the Netherlands, Germany and the UK. N&K Spedition and Skive Køletransport are leading brands in Denmark and Scandinavia, together constituting around half of the revenue of the Group. Eurofresh is a brand focused on the German market.”


It said the acquisition will be made by a newly established company of which DFDS owns 100% of the ordinary shares. Non-voting preference shares will be issued and owned by the sellers. DFDS has a call option to redeem the preference shares over a planned three-year period.    

DKK 930m will be paid on closing in cash.

Over the following three years, DKK 270m is planned to be paid each year to redeem the preference shares. Estimated DKK 460m of net interest-bearing debt (excluding IFRS 16 lease obligations) will be taken over as part of the transaction. The transaction is expected to be accretive to earnings per share (EPS) from closing.

Closing of the transaction, it concluded, is expected in around three months, subject to regulatory approval and completion of required employee consultation processes.  

Full details can be found here.

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