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German automotive-focused 3PL Duvenbeck is understood to be on the hunt for a new owner to rescue it from increasing financial difficulties, according to an exhaustive investigation by German trade newspaper DVZ.
The report claims PwC has been hired by the firm to seek out potential buyers, although it is also understood that some candidates, in the form of DP World and Geodis, have ruled themselves out.
Duvenbeck was acquired by European private equity fund Waterland in 2022, which bought a 70% stake for an undisclosed amount from owner Thomas Duvenbeck, who continues to own the remaining 30%.
The report adds that an offer by Waterland for Mr Duvenbeck’s share was rejected.
Following the Waterland investment, Duvenbeck hired Hakan Bicil as its new CEO, a freight forwarding veteran with managerial stints at Kuehne + Nagel, Panalpina, Ceva, and lastly Imperial Logistics up to its acquisition by DP World.
Mr Bicil launched an M&A programme that saw Duvenbeck acquire a number of firms – Schotpoort Logistics, Spedition Erich Haslbeck, and Sander Logistics – over a two-year period, as well as embark on a hiring spree for senior managers, with the aim of boosting annual revenues to €3bn by 2028.
However, the period was also marked by growing losses, ending with a €30m deficit in 2024, which appeared to have prompted the departure of Mr Bicil, who, DVZ reports, left the firm in November.
DVZ says while Waterland subsequently promoted then-CIO Jakub Piotrowski to MD, the real power is held by Richard Hell, MD of restructuring firm Alvarez & Marsal’s German automotive arm, seconded to Duvenbeck since late last year.
He “had to intensify crisis management immediately after taking office”, DVZ reports, with cash flows so tight that three of its major customers – VW, BMW and Mercedes – had to put together a temporary rescue package.
DVZ further reports that the difficulties have led several automotive manufacturers to reissue contract logistics tenders, in an attempt to diversify their risk position.
In an accompanying analysis, DVZ managing editor Sebastian Reimann writes: “It seems that Waterland lacked experience in the logistics industry and that the investor underestimated the risks in the automotive segment.
“In addition, there was also bad luck, as the industrial sector is in its biggest structural crisis to date.
“However, the decisive factor was their own mistakes, from wrong personnel decisions, an unclear strategy, and exaggerated growth expectations, to seemingly arbitrary acquisitions,” he adds.
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