1. M&A TRENDS IN THE
TRANSPORT & LOGISTICS SECTOR
BUY SIDE – FUNDRAISING – SELL SIDE
SEPTEMBER 2023
2. 2
P R I V A T E & C O N F I D E N T I A L
TABLE OF CONTENT
The dynamic M&A activity in the T&L sector 03
M&A Trends valuation & Recent transactions 06
About GEREJE Corporate Finance 10
4. 4
P R I V A T E & C O N F I D E N T I A L
M&A DEALS RECOVERY IN TRANSPORT & LOGISTICS
After the COVID-19 crisis, we notice a quick recovery in number of M&A deals in Transport & Logistics
(T&L).
Source: PwC, GCF Research
Boom of E-commerce strengthen by the covid
crisis
▪ Requires the deployment of inventory closer to the consumer,
i.e. more warehouse space & investments in technology,
including freight management platforms, automation &
fulfillment
Diversification has become a necessity
▪ The Covid crisis highlighted the need for T&L players to
diversify their modes of transport : road, water, rail, or air to
prevent risks
High demand for physical goods & limited
capacity (during COVID crisis)
▪ Have pushed freight rates to record levels
▪ With higher earnings comes higher cash flow and some
strategic players have now cash to deploy
Key drivers
38,6% 41,4% 36,2%
27,9% 27,1%
23,9%
10,4% 7,2%
7,9%
14,6% 16,3%
15,1%
8,6% 8,0%
17,0%
2019 2020 2021
% of deals by transaction
value/year
<10m$ 10-50m$
50-100m$ 100-500m$
1 142
1 010
1 156
2019 2020 2021
Number of T&L deals
(2019-2021)
Number of deal
5. 5
P R I V A T E & C O N F I D E N T I A L
According to a study from Deloitte : between 2018 and 2021, 40% of deal were cross-border
Key trends
CROSS BORDER DEALS IN TRANSPORT & LOGISTICS SECTOR
Internationalization being a strategic issue for
all logistic players
58% 59%
67%
61%
27%
31%
24%
28%
15% 10% 9% 12%
0%
50%
100%
2018 2019 2020 2021
Cross border deals (2018-2021)
Cross border - non European buyer
Cross border - European buyer
Same country
Cross border deals should continue to drive the
market
7. 7
P R I V A T E & C O N F I D E N T I A L
M&A TRENDS – VALUATION METRICS
Company Size
▪ The largest the company, the higher the multiple with key
thresholds (10m revenue; 50m revenue; 100m revenue…)
Profitability
▪ EBITDA margin compared to peers may be the most
important comparison criteria when the companies’ sizes
are similar
Market position
▪ A leading position within a local market improves a
valuation multiple, on the other hand, a mid-tier position
will drive a lower valuation.
Within the same sector, valuation multiples vary according to the size, profitability, and market
positioning of the company
8. 8
P R I V A T E & C O N F I D E N T I A L
Year Investors Target Information
Transaction
Amount
More info
Fev.
2022
ID Logistics (FR): leader in Transport &
Logistics
Kane Logistics (US): omni-channel
distribution
$240m here
Oct.
2021
Maersk (DK): worldwide operator in T&L
B2C Europe (NL): B2C parcel delivery services
$86m here
Dec.
2021
BBL Group (FR): transport & logistics services
(road, overseas, lead logistics systems..)
Transit’air (CH): international transport (air,
road & sea transport)
please contact us
for more details
here
Aug.
2021
BBL Group (FR): transport & logistics services
Egetra (FR): transportation, logistics & storage
please contact us
for more details
here
Jan.
2021
DFDS (DK): transport of fresh food products
form production to consumption
HSF Logistics (NL): leader in cold chain
logistics providers
€244m here
RECENT M&A DEALS IN TRANSPORT & LOGISTICS (1/2)
Source: mergermarket, GCF Research
Historically highly fragmented, the T&L sector is experiencing a strong consolidation trend.
9. 9
P R I V A T E & C O N F I D E N T I A L
Year Investors Target Information
Transaction
Amount
More
info
Mar.
2022
Convelio (FR): international shipping of
works of art
European Investment Fund (EU) : European
fund for European entrepreneurs
€30m
(Serie-B)
here
Fev.
2022
Freterium (MA): freight trucking software
(to organize & control your transport flows)
Partech (FR) : investment platform for tech &
digital companies
$4m
(Seed)
here
Fev.
2022
Traxens (FR): specialist of smart containers
raised funds to acquire NEXT4
Maersk (DK) : leader in logistics & supply chain
+ one of shareholders of Traxens with MSC,
CMA-CGm
€23m here
Jan.
2022
Project44 (US): supply-chain visibility platform
in real-time (value = $2.2bn)
THOMABRAVO (US) : PE investment firm for
tech/software companies
$420m here
May
2018
Searoutes (FR) : help shippers identify the road
with lowest CO2 emission
WSB (DE): investors in renewable energies
€2,4m here
RECENT FUNDRAISINGS IN DIGITAL LOGISTICS (2/2)
Source: mergermarket, GCF Research
Investors see potential in digital platforms and technology to improve supply chain performance &
stay competitive
11. 11
P R I V A T E & C O N F I D E N T I A L
In the 13th century, the Emperor Kublai Khan awarded
Marco Polo a gold tablet in the form of a long piece of
currency named « GEREGE » along with a password,
which ensured numerous privileges to the beholder.
With this golden passport, Marco Polo obtained all
necessary protections, supplies and assistance which
included horses, food and equipment for his safe return to
Venice accompanied by his immense fortune.
The GEREJE, first diplomatic passport,
ensuring safe and secure cross border
transactions, is a powerful symbol
matching perfectly our mission and goals
GEREJE team members share a common
passion in dealing with cross border
transactions and are united around the
GEREJE symbol reflecting our mind set as well
as our working philosophy.
THE “GEREJE” PHILOSOPHY
12. 12
P R I V A T E & C O N F I D E N T I A L
OUR EXPERTISE & ADDED VALUE [1/2]
We have a specific expertise and experience in the mobility & environment sector. We have
a direct access to >300 companies in this specific sector in Europe, Asia, and
internationally
1. Our Expertise & Experience in the Mobility & Environment sector
2. Our International presence
Entrepreneurs close to Entrepreneurs = reactivity & adaptability
3. Our “entrepreneurial” culture
Privileged access to > 400 investors (Cap development funds, VC, debt funds, Family
Offices), with a specific interest in the Mobility & Environment sector
4. Our Privileged access to Strategic & Financial Investors
Our multicultural teams with our own offices in Europe and in Asia (Paris , Singapore,
Geneva, Lyon, Nantes, Vienna, Lisbon, Munich), and our partners in the Middle East, Africa
and the US
13. 13
P R I V A T E & C O N F I D E N T I A L
OUR EXPERTISE & ADDED VALUE [2/2]
We prefer to act over the long term as partners alongside business leaders
5. Advisor & Partner
With over 80 closings between 2016 & 2022, GEREJE is No. 1 & No. 2 between 2016 & 2021 in
the Advisory Fusacq ranking – Corporate banking fundraising rankings in France
6. Our Track-Record
Our expertise in structuring complex operations : Earn-Out, Management Buy-Out, Owner
Buy-Out, Joint Venture…
7. Our Expertise in complex structuring
We work with no conflict of interests and ensure confidentiality & discretion
8. Our independence
14. 14
P R I V A T E & C O N F I D E N T I A L
OUR WORLDWIDE REACH
We are an independent M&A firm with an “entrepreneurial” culture, providing both strategic and
financial advisory services, composed of a multidisciplinary team based between Europe & Asia
Our Corporate Film
EUROPE
▪ Paris
▪ Lyon
▪ Geneva
▪ Nantes
▪ Vienna
▪ Lisbon
▪ Munich
ASIA
▪ Singapore
EUROPE
MOYEN-ORIENT
ASIE
15. 15
P R I V A T E & C O N F I D E N T I A L
EXECUTION TEAM ENSURING THE QUALITY OF THE DOCUMENTS
Fabrice LOMBARDO
Founder & CEO
Antoine ALEMANY
Partner, Lisbon
Clarisse SUN
M&A Associate, Paris
Laurent GOBINET
Partner, Nantes
Hugo MONNET
M&A Vice President, Lyon
Servais MICOLOT
Partner, Geneva
Hannah DERENBACH
M&A Analyst, Paris
16. 16
P R I V A T E & C O N F I D E N T I A L
SENIORS BRINGING SECTOR & GEOGRAPHIC EXPERTISES
François LAURENT
Senior Advisor, Hong-Kong
Olivier JOB
Senior Advisor, Lyon
Jean de MORAS
Senior Advisor, Paris
Arnaud BEASSE
Senior Advisor, Vienna
Maurice LAM
Executive Director, Singapore
Bertrand LAM
Partner, Singapore
Jeff CZELUSTA
Directeur M&A, Munich
17. 17
P R I V A T E & C O N F I D E N T I A L
Partial or Total Sell mandate
Managing and Optimizing a sell process, leveraging on
our structuring experience, valuation expertise &
international network to maximize the transaction price.
Using every financial tool to align the interests of all
parties.
OUR SERVICES
The quality of our services relies
in our 100% in-house team
enabling us to manage the
entire transaction process,
thereby ensuring efficiency,
confidentiality and tangible
results
Buy mandate / Acquisition / Joint Ventures
Optimizing external cross-borders expansion strategies.
Global Knowhow, Local Approach
Strategic Advisory – Business Consultancy
The experience and operational know-how of the senior
team allows us to optimize the development strategies of
companies and thus facilitate the management of
corporate finance issues (Fundraising or acquisition)
Fund raising mandate & IPO – Capital development
Structure a solid & realistic business plan in order to
maximize the valuation forward and raise the capital
needed (Equity, Debt, Convertible Shares).
Local Markets Approach and Implementation Assistance
for IPO to maximize forward value & optimize
Transaction Structuring
18. 18
P R I V A T E & C O N F I D E N T I A L
OUR PROVEN METHODOLOGY
GEREJE is recognized for the quality of its documents (strategic & financial analysis) based on
personalized execution, enhanced by a multidisciplinary team acting under one hat !
Execution
Excellence
Each assignment is managed by
one Team leader to optimize the process
We rely on our own proprietary
research
Our mandates are on an exclusivity
basis only, including fixed and success
fee
Our mandates are tailor-made
We manage 100% of the Transaction
coordinating the process
We deliver regular reports to optimize
the momentum
Our digital platform allows us to have
constant access to all the necessary
information
19. 19
P R I V A T E & C O N F I D E N T I A L
OUR RECENT TRACK RECORD
With over 80 closings between 2016 and 2022, GEREJE is N1 or N2 M&A firm for SMID CAP for the past 6
years in the Advisory Fusacq ranking – Corporate banking fundraising rankings in France.
2019 – Sell: €55M
Target:
Learn more
Investors:
Learn more
Crowdfunding:
Investors:
Learn more
Investors :
Learn more
Target:
Learn more
2021 – Fundraising: €7M
Investors:
Learn more
2021 – Debt Financing: €2,5M 2019-20 – Capital Injection: €6M
2021 – Joint Venture
Target:
Learn more
2021 – Acquisition – €10M Sales 2021 – Acquisition – €50M Sales
Target:
Learn more
2022 – Acquisition – €14M Sales
20. 20
P R I V A T E & C O N F I D E N T I A L
OUR REFERENCES– SMID & LARGE CAP
Click on the logo to access the website.
21. 21
P R I V A T E & C O N F I D E N T I A L
OUR STRONG NETWORK OF PARTNERS
Our solid network of partners in Europe and Asia enable us to get qualified, updated information and
optimize our market screening & approach of targets.
EUROPE
Access to +1,100 Family Offices
+150 banks & private bankers
+100 law firms
ASIA
Access to +700 Family Offices
+200 banks & private bankers
+150 law firms
Partnership signed with Business France (website) in 2021
Coverage of 110 countries, offering a direct access to
international investors
22. 22
P R I V A T E & C O N F I D E N T I A L
TESTIMONIES
In this complicated economic
environment, the support and
involvement of the GEREJE teams
were key to the success of the
project.
Mr. François-
Denis POITRINAL
Founder & CEO
Thank you for the excellent work
done by the GEREJE team.
Mr. Kaci KÉBAÏLI
Founder & Chairman
In this complicated economic context,
the support and involvement of the
GEREJE teams were key elements in
the success of the operation
Mr. Guillaume
RAGUET
CEO
*click on a logo to access the website
GEREJE's efficiency and discipline,
as well as the fluidity of our
exchanges, have been essential to
the successful financing of the
LAPSA group's R&D projects!
Mme. Maroua BEN
MARZOUK
Chargée d’affaires
Entreprises
