Airplane_Cargo in Airport_Kastrup_07_2021

Scan Global Logistics (SGL) insisted it was “business as usual” following the announcement this morning that CVC Capital Partners had agreed to acquire a majority stake from an investor group led by AEA, a deal said to value the entire forwarder at about $1.5bn.

Both AEA and Scan management will co-invest, believing the company will grow further, both organically and via acquisitions.

Scan, which has revenues of more than $3bn, has made more than 30 acquisitions since 2017, and has seen annual revenue growth of some 33%.

The company said its “asset-light business model and scalable platform forms the basis for continued potential future growth in a market where increasing supply chain complexity is expected to drive further demand for freight forwarders such as SGL, capable of offering complex, multi-modular solutions”.

Allan Melgaard, global CEO and co-founder of SGL, said the company would invest in talent.

“Our people are our most valuable asset. We want to become the industry’s preferred workplace.

“We are ambitious and believe that we can reach our revenue target of more than $5bn during the next few years by continuing to leverage our entrepreneurial culture, agile decision making and high customer satisfaction, obtained through tailored competitive logistics solutions.”

He added: “Our talks over the past months and CVC’s support for our ambitious growth strategy and plans have convinced us that they are a perfect match for SGL, professionally and culturally, and will support our future plans via their deep industry knowledge.”

AEA said it was pleased to remain a minority shareholder. The transaction should close in Q2. The financial terms with CVC, which has $137bn of assets under management, have not been disclosed.

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