AD Ports Group-owned Noatum has signed the agreement to acquire 100 percent equity ownership of Sesé Auto Logistics, the Finished Vehicles Logistics (FVL) business of Grupo Logístico Sesé, for a total purchase consideration (Enterprise Value – EV) of $85 million.
The acquisition implies a trailing EV/EBITDA of around 3.5x based on the company’s Last Twelve Months (LTM) performance to August 2023, with revenue of around $105 million, with an EBITDA margin of 22.5 percent.
Noatum expects a normalization of the European automotive logistics market, which has been factored into the transaction business case. Sesé Auto Logistics is engaged in road and rail transport logistics of light and heavy vehicles, operating from five main European countries, namely Spain, Germany, Poland, Czech Republic, and Hungary, with a fleet of over 200 trucks covering over 30 million kilometers annually across Europe.
The company serves leading OEMs, including Renault, Stellantis, Mazda, Daimler, BMW, PSA and MAN, among others. The company is also renowned for applying the best technology and resources to maximize efficiency and minimize the environmental impact of its routes and operations. It incorporates a management system that provides real-time visibility and is integrated with clients’ and suppliers’ systems for automatically sharing information.
“Noatum’s acquisition of Sesé Auto Logistics, which brings to us significant capabilities, expertise and logistics networks, will help deliver on our vision as it will allow us to further expand within Europe’s growing and profitable automotive sector, and pave the way for us to become a leading global provider in the FVL industry.”
The acquisition of Sesé Auto Logistics is part of Noatum’s strategy to offer a comprehensive and vertical solution for the automotive industry under the Noatum Automotive brand, covering the entire logistics value chain, from transport to distribution and final delivery of vehicles to customers.
This transaction will also generate significant synergies with Noatum’s port terminals business in Spain, offering an integrated logistics solution that will reinforce Noatum Automotive’s services for Original Equipment Manufacturers (OEMs) and other stakeholders. Noatum Automotive maintains its strategy of neutrality towards all its stakeholders.
Noatum’s vision is to become a leading European supplier of logistics services to the finished vehicle sector. The FVL market in Europe is estimated at $3 billion, with a projected annual growth of 6 percent in the medium term. Noatum aims to capitalize on this opportunity by expanding its network and capabilities across Europe following the acquisition of Sesé Auto Logistics.
Mr. Antonio Campoy, CEO of Noatum, Logistics Cluster, AD Ports Group, said that “This is the first milestone acquisition for Noatum as the leader of AD Ports Group’s Logistics Cluster. Our goal is to enhance Noatum Automotive’s industry solutions to strengthen our product range throughout the logistics supply chain and to become one of the main global players in the automotive sector.”