CapMan Press Release 5 February 2008 at 8.00 a.m.
CapMan builds Nordic logistics group, Cargo Partner
CapMan is building a Nordic logistics group by merging the Swedish company Globex AB and Norwegian companies Cargo Partner AS and STS Group. The new company will be named Cargo Partner Group AS. CapMan’s target is to build Cargo Partner into the leading Nordic logistics company in goods transport, air and sea freight and third party logistics (3PL) services. The new group will be headed by Konrad Kuhlman, the former Managing Director of Norwegian logistics company Nor-Cargo.
Globex, Cargo Partner and STS have an aggregate turnover of some EUR 150 million. The newly formed group has a strong position on the logistically critical Malmö-Trondheim line, which enables overnight deliveries throughout the entire Nordic and Baltic region. The group has offices in Norway, Sweden, Denmark, Finland and the UK.
Cargo Partner’s market is estimated at some EUR 16 billion. The Nordic market is forecast to grow by 4 to 7 per cent annually in the next few years, mainly as a result of growth in outsourcing and import as well as changes in production and storage structures.
“The transport and logistics market is growing at a solid pace. Medium-sized companies have the opportunity to take market share by offering high quality services, but they are too small to individually compete with larger international players. The foundation of the new Cargo Partner Group is a good first step in building a larger entity that can meet the customer demand for high quality services,” says Espen Stenumgård, Investment Director at CapMan.
“Cargo Partner will particularly focus its efforts on delivering excellent personal customer service and creating the best possible logistics solutions for our customers. Flexibility, high quality and competent personnel have a key role in our operations,” says Konrad Kuhlman, Managing Director of Cargo Partner.
Ivar Alsaker, owner of Cargo Partner and Stein Nappen, one of the owners of STS see wide synergies in being a part of a larger Nordic group:
“Logistics service users and foreign business partners view increasingly the Nordic countries as one market, and therefore the capability to provide solutions that cover the entire area is important. The integration of three companies and the capital and operational support provided by CapMan enables us to focus on business development and provide a wider product range and superior services. The positive effects will be perceptible for our existing and new customers.”
The investment in the company is made by CapMan Buyout VIII and CapMan Mezzanine IV funds, in which CapMan Plc is a substantial investor. The transaction will be made on behalf of a new company. The funds will hold approx. 65 per cent of the new company and the former owners of Globex, Cargo Partner and STS will have a combined holding of 15 per cent. The execution of the transaction is subject to approval by competition authorities, and it is expected to be finalised by the end of February.
For further information, please contact:
Espen Stenumgård, Investment Director, CapMan Buyout, tel. +47 23 23 75 77 or +47 992 44 678
Konrad Kuhlman, CEO, Cargo Partner Group AS, tel. + 47 952 02 000
Espen Stenumgård, Investment Director, CapMan Buyout, tel. +47 23 23 75 77 or +47 992 44 678
Konrad Kuhlman, CEO, Cargo Partner Group AS, tel. + 47 952 02 000
CapMan www.capman.com
CapMan is one of the leading alternative asset managers in the Nordic countries and manages Nordic funds with approximately EUR 3.9 billion in total capital. CapMan has four investment areas (CapMan Buyout, CapMan Technology, CapMan Life Science and CapMan Real Estate), and each of them has a dedicated team and funds. Altogether CapMan employs 110 people in Helsinki, Stockholm, Copenhagen and Oslo. CapMan was established in 1989 and its B shares are listed on the Helsinki Stock Exchange since 2001.
CapMan is one of the leading alternative asset managers in the Nordic countries and manages Nordic funds with approximately EUR 3.9 billion in total capital. CapMan has four investment areas (CapMan Buyout, CapMan Technology, CapMan Life Science and CapMan Real Estate), and each of them has a dedicated team and funds. Altogether CapMan employs 110 people in Helsinki, Stockholm, Copenhagen and Oslo. CapMan was established in 1989 and its B shares are listed on the Helsinki Stock Exchange since 2001.
Globex AB
Globex has a turnover of SEK 440 million and employs 67 persons. Headquartered in Gothenburg, the company also has six other offices in Sweden and one in Finland. Globex is owned by Per-Gunnar Friberg.
Cargo Partner AS
Cargo Partner has 100 employees and a turnover of NOK 500 million. The company has eight offices in Norway and Denmark. Cargo Partner is owned by Ivar Alsaker and the company’s head office is located in Oslo.
STS AS
STS has a turnover of NOK 330 million and employs 120 persons in Norway, Denmark and the UK. The company’s major owners are Stein Nappen, Erik Olsen and Erik Berg, and its head office is located in Lillestrøm, Norway.
