Eight Advisory and JP Weber performed financial and tax due diligences for ID Logistics in connection with the acquisition of Spedimex
24 Mar 2023
Eight Advisory Paris
M&A Transaction Services
Eight Advisory and JP Weber - as co-founders and members of Eight International, a global advisory organization - conducted financial and tax due diligences and the tax structuring for ID Logistics, an international logistics and transportation expert, in connection with its acquisition of 100% of Spedimex, a major player in contract logistics in Poland.
ID Logistics is an international contract logistics group with revenues of €2.5 billion in 2022, operating 365 sites in 17 countries in Europe, the Americas, Asia and Africa and employing 30,000 people.
Founded in 1993, Spedimex is a leading player in contract logistics with recognised expertise in the fashion and e-commerce sectors for major international and Polish brands, as well as in the cosmetics sector. In addition to contract logistics, Spedimex offers a strong distribution and transport network, value-added logistics services or retail preparation. Spedimex’s turnover in 2022 was 109 million euros.
With this transaction, ID Logistics strengthens its presence in Poland with 15 new locations and first-class customers. The complementary customer portfolios and technical expertise of Spedimex and ID Logistics will enable the development of important commercial synergies, especially for leading international customers. The reason for this acquisition is the close cultural and business similarities between the two companies (asset-light approach, dedicated warehouses, solutions adapted to the specific needs of each operation).
The transaction is based on an enterprise value of PLN 350 million (€74 million) and will be paid 70% in new shares of ID Logistics Group and 30% in cash. These payment terms will allow ID Logistics to maintain a solid financial structure after the acquisition, with an unchanged leverage ratio as of December 31, 2022 of 1.9x pre-IFRS 16 EBITDA.
The transaction is still subject to approval by the relevant Polish antitrust authorities. The acquisition is expected to be completed by June 2023.
“We are very proud, together with our partners of JP Weber, to have assisted ID Logistics with the acquisition of Spedimex. This transaction will significantly reinforce the group’s presence in Poland and with the fashion industry. It demonstrates our ability to assist our clients with their cross-boarder transactions, with the support of the Eight International alliance.”
Participants in this transaction
- Eight Advisory: Pierre-David Forterre, Partner Transaction Services
- Eight Advisory Tax: Hubert Christophe (Partner, Attorney-at-law), Jérémy Cosma (Attorney-at-law)
- JP Weber: Piotr Dalak (Partner Finance), Zbigniew Dus (Partner Tax)