Geodis is to acquire Rohde & Liesenfeld (R&L), its main freight forwarding partner since 2002, for €77 million.
Rohde & Liesenfeld (R&L) is a German based international air and sea freight forwarding group. Its 2007 net revenue is forecasted to be €270 million (excluding Customs revenue), attributable to both freight forwarding and industrial projects. R&L operates mainly in Germany (34 per cent of revenue), Latin America (17 per cent), South Africa (16 per cent) and Australia/New Zealand (14 per cent) and has 710 employees.
The acquisition of R&L will broaden the geographic reach of the Geodis Wilson network, which will gain a significant position in Germany, thereby making Geodis Wilson a major player in German freight forwarding.
The acquisition will enable Geodis to serve new international markets – particularly South Africa, where R&L is well established – and substantially deepen its presence in Latin America. In addition, the Group will benefit from R&L’s expertise in handling industrial projects, especially in the oil and gas industry.
On this basis, R&L’s enterprise value has been estimated at €90 million and Geodis will acquire its shares for €77 million. Subject to the approval of the competition authorities, the transaction will be completed in the beginning of 2008.