TDG repris par Bidco
Communiqué : October - Laxey Partners announced the completion of UK-headquartered TDG Plc by Bidco, incorporated in the Isle of Man, was formed at the direction of private equity company Laxey Partners Ltd.
TDG had been the target of speculation about its future for some time before Laxey Partners moved in, with other 3PLs (third party logistics providers) showing interest. A previous planned merger with UK-based Christian Salvesen did not materialise. Then, earlier this year, another UK-based European logistics provider, Wincanton, approached the board of TDG with a cash offer of £2.81 (€3.55) per share but subsequently pulled out, saying the bid was not in the best interests of its shareholders.
Laxey Partners was already a 22% shareholder of TDG. The latter announced that effective October 2, trading of TDG shares on the London Stock Exchange would be halted. The company also explained that TDG shareholders would receive either £2.50 (€3.16) in cash for each Scheme Share or £2.00 (€2.52) in cash and 6.625 Bidco shares. The price of the acquisition id believed to be £203m (€255m).
TDG, while under-performing in terms of profitability two years ago, improved in 2007 due to its strengthening contract logistics, freight forwarding and supply chain management activities. In 2006, TDG's headline operating profit (EBITA) decreased by £1.6m (€2.02m) to £18m (€22.76m), while last year the company's EBITA increased by 13%, reaching £20.4m (€25.7m). Its turnover increased by 26% in 2007 to £669.5m (€846.7m).
TDG Plc is a UK-based logistics company that has operations in six countries employing over 7,000 people and works with clients in the Chemical, Consumer Goods, Industrial and Retail sectors. The company has the UK's largest temperature controlled services network with 22 sites and operational Head Offices in Holland and Ireland.
In 2007 71% of its sales revenue originated in the UK despite an emphasis on developing into a European supply chain services provider and undertaking a number of acquisitions to expand its geographic scope as well as entering into partnerships to extend its logistics capabilities.
Its revenues for 2007 were £669.5m.
History
The company started life as Transport Development Group in 1922 operating as a lighterage company. Over the next decades it extended its operations in warehousing and distribution and by 1986 there were in the region of 100 subsidiary companies in the group. These included such names as Beck & Pollitzer, Williams, Harris and Albany.
It had expanded abroad at an early stage and had operations in North America, Australia and mainland Europe, although many of these were less than successful and have since been sold off. Throughout the 1990s the company's strategy involved integrating many of the business units, disposing of non-core companies and re-branding under a single, global logo and identifier.
TDG had been the target of speculation about its future for some time before Laxey Partners moved in, with other 3PLs (third party logistics providers) showing interest. A previous planned merger with UK-based Christian Salvesen did not materialise. Then, earlier this year, another UK-based European logistics provider, Wincanton, approached the board of TDG with a cash offer of £2.81 (€3.55) per share but subsequently pulled out, saying the bid was not in the best interests of its shareholders.
Laxey Partners was already a 22% shareholder of TDG. The latter announced that effective October 2, trading of TDG shares on the London Stock Exchange would be halted. The company also explained that TDG shareholders would receive either £2.50 (€3.16) in cash for each Scheme Share or £2.00 (€2.52) in cash and 6.625 Bidco shares. The price of the acquisition id believed to be £203m (€255m).
TDG, while under-performing in terms of profitability two years ago, improved in 2007 due to its strengthening contract logistics, freight forwarding and supply chain management activities. In 2006, TDG's headline operating profit (EBITA) decreased by £1.6m (€2.02m) to £18m (€22.76m), while last year the company's EBITA increased by 13%, reaching £20.4m (€25.7m). Its turnover increased by 26% in 2007 to £669.5m (€846.7m).
TDG Plc is a UK-based logistics company that has operations in six countries employing over 7,000 people and works with clients in the Chemical, Consumer Goods, Industrial and Retail sectors. The company has the UK's largest temperature controlled services network with 22 sites and operational Head Offices in Holland and Ireland.
In 2007 71% of its sales revenue originated in the UK despite an emphasis on developing into a European supply chain services provider and undertaking a number of acquisitions to expand its geographic scope as well as entering into partnerships to extend its logistics capabilities.
Its revenues for 2007 were £669.5m.
History
The company started life as Transport Development Group in 1922 operating as a lighterage company. Over the next decades it extended its operations in warehousing and distribution and by 1986 there were in the region of 100 subsidiary companies in the group. These included such names as Beck & Pollitzer, Williams, Harris and Albany.
It had expanded abroad at an early stage and had operations in North America, Australia and mainland Europe, although many of these were less than successful and have since been sold off. Throughout the 1990s the company's strategy involved integrating many of the business units, disposing of non-core companies and re-branding under a single, global logo and identifier.