Wiltshire logistics giant Wincanton agrees to £567m takeover
Wincanton, a logistics business headquartered in Chippenham, is to be acquired by French multinational CEVA Logistics – part of the CMA CGM group – in a deal worth £566.9m.
A new company Bidco has been established by a subsidiary of CEVA to facilitate the acquisition, which will benefit shareholders at a rate of 450 pence per share.
Directors at Wincanton hailed the industry expertise and balance sheet capability offered by CEVA, which serves more than 420 ports across the globe and boasts revenues of around £12.6b.
James Wroath, CEO of Wincanton, said: “I’m incredibly proud of the progress we’ve made at Wincanton over the last four years, thanks to our great people and customers.
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“We’ve strengthened our business and ensured that we’re at the forefront of logistics innovation.
“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.”
Rodolphe Saadé, chairman of CMA CGM, added: “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 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.”
