The Whiteland business has developed around partnerships with major dairy industry producers (Hochland, Meggle and Campina) in recent years. The sale of a minority stake in the logistics unit is a sign of a thawing on a market that has seen no mergers or acquisitions in recent years.
The last deal, involving a unit of a top consumer goods distributor, was registered in December 2005, when Macromex sold its Convenience unit, specialized in distribution to filling stations to Germany’s Lekkerland, for EUR6 million, according to estimates made at that time.
In the case of the deal between Nagel group and the founders of Whiteland Logistics, the value does not go beyond EUR1-1.5 million, market sources say, considering that 0.5%-0.6% of turnover, or a 3, maximum 5 profit multiple are taken into account in such an acquisition.
Whiteland Logistics last year reached EUR6.83 million in turnover, down 7.6% from 2009, when the net income margin stood at 12%. The company currently has 280 employees. The entire Whiteland group in 2009 posted EUR88 million turnover and had 400 employees.