CEVA Logistics, a subsidiary of CMA CGM, today announced it has reached an agreement with the board of directors of Wincanton on the terms of a recommended cash offer for the capital of Wincanton at 450 pence per share, which values Wincanton approximately £566.9 million on a fully diluted basis. The intended acquisition of Wincanton represents an attractive growth opportunity that is in line with CEVA Logistics's expansion strategy in this key region.
Currently listed on the London Stock Exchange, Wincanton is a leading supply chain partner for British and Irish business, and a trusted partner to many of the UK and Ireland's most recognisable brands and influential public bodies. Wincanton provides business critical services and takes care of all customers' supply chain needs and a range of outsourced and integrated supply chain solutions, across four sectors: efulfilment; Grocery & Consumer; General Merchandise; and Public & Industrial.
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With almost 100 years' heritage, Wincanton's 20,300-strong team operates from more than 170 sites across the country, responsible for 8,500 vehicles. For FY23, Wincanton generated revenue of £1,462 million, underlying EBITDA of £121.9 million.
CEVA Logistics generates approximately 15 billion US dollars of annual revenues. In the UK, CEVA Logistics generates circa 950 million US dollars of annual revenues and covers the entire supply chain through several subsidiaries. In particular, the Group operates in:
• the contract logistics business – with annual revenues of circa 500 million US dollars. CEVA Logistics operates more than 500k square meters;
• the ground & rail business – with annual revenues of circa 290 million US dollars. CEVA Logistics delivers more than 550k shipments.
Wincanton and CEVA Logistics, a strong strategic fit with highly complementary service offerings, customer portfolios and footprints in the UK to deliver long-term value.
The combination between Wincanton and CEVA Logistics will:
• further develop CEVA Logistics' presence in contract logistics in the UK and Ireland, with Wincanton acting as its key development and growth platform in the country;
• reinforce and develop CEVA Logistics' capabilities in the UK and Ireland, as Wincanton is operating a network with 5,000 drivers and 8,500 trucks/trailers;
• build on Wincanton's proven expertise in partnering with prominent grocers and retailers in the UK to diversify CEVA Logistics' customer base; and
• bring the support of a well-capitalized and entrepreneurial group, with the capability to offer end-to-end logistics solutions on a worldwide basis to both SMEs and major blue-chip clients, in order to support future organic and inorganic growth as well as future innovation development.
Rodolphe Saadé, Chairman & CEO of CMA CGM declared: "I am very excited about the prospect of working with Wincanton's experienced leadership team and the power of the combination with our logistics arm, CEVA Logistics. As a leading and trusted supply chain partner for many well-known British and Irish brands, Wincanton perfectly aligns with the CMA CGM Group's ambition to further expand its presence in this strategic region.
"Wincanton's renowned expertise in designing supply chain solutions for customers in the retail, grocery, eCommerce, construction, infrastructure, energy and defence sectors would enable CEVA Logistics to further diversify its contract logistics customer base. Bringing together the two entities would strengthen the CMA CGM Group's footprint in the United Kingdom and Ireland, while also paving the way for new opportunities and more innovative product offerings. On behalf of our 155,000 staff members, I look forward to welcoming Wincanton's talented people within our Group."
Mathieu Friedberg, CEO of CEVA Logistics added: "Wincanton's commitment to their people drives their success in the UK contract logistics market. At CEVA Logistics, we accomplish our mission through the diverse, talented people we have working in the UK and around the world. The proven track record of both CEVA Logistics and Wincanton are largely thanks to our respective employees. In addition to the innovative logistics solutions that we could develop and offer together, we would be optimally positioned to answer even more supply chain challenges for our combined set of UK customers".
Commenting on the Acquisition, Sir Martin Read, Chairman of Wincanton, said: "This offer for Wincanton from CMA CGM is testament to the strength of the business we have built, our strategy, our strong customer relationships and our excellent people. CMA CGM is a highly-experienced operator in the industry, and as Wincanton becomes part of this larger business, it will be able to capitalise on the significant growth opportunities ahead. In unanimously recommending this offer to shareholders, the directors believe it is in the interests of all the company's stakeholders. While we remain confident in the long-term prospects of Wincanton and the wider sector, we recognise that the strong performance of the company has not been reflected in the performance of its shares in recent years. We therefore believe this offer represents the best opportunity for shareholders to realise the value of their investment with greater certainty."
James Wroath, Chief Executive Officer of Wincanton, added: "I am incredibly proud of the progress we have made at Wincanton over the last four years, thanks to our great people and customers. We have strengthened our business and ensured that we are at the forefront of logistics innovation. Our work in automation and technology has been industry-leading and has allowed us to take advantage of trends towards outsourcing and eCommerce while continuing to improve service for our long-term customers. This offer will enable Wincanton to continue and accelerate the progress that has been made, providing an excellent partner with the balance sheet strength that will allow the pursuit of both existing and new growth opportunities. CMA CGM's strong track record of investing in its people and its commitment to its customers means that we are confident this offer will deliver benefits for all of our stakeholders."
This acquisition is pending on the completion of several conditions, as further detailed in the regulatory announcement.
