Transport Logistics Report 2021 June B

IMAP INSIGHTS
JUNE 2021
IMAP NETHERLANDS M&A PERSPECTIVE ON THE
TRANSPORT & LOGISTICS

SECTOR
Contents
Introduction 3
Sector Overview 4
Road Freight 14
Inland Shipping 22
Air, Ocean and Rail Freight 28
Transactions
About IMAP
46
52
IMAP
International M&A Partners
2 3
INTRODUCTION
The IMAP Netherlands Transport & Logistics sector team, Remco
Schouten, Cees van Vliet and Guillaume Petit take an in depth look
at the current state of the Transport & Logistics sector, detailing
the key trends impacting the M&A landscape now, as well as
expectations moving forward.
The diversity of the

transportation industry makes it
a complex and competitive landscape.
As we are closely monitoring the
sector from an M&A perspective, we
have a deep understanding of its
intricacy and particularities.
The current level of deal activity is

REMCO SCHOUTEN high. Furthermore, we are witnessing
an increase in the number of
cross-border deals occurring, due
to companies looking to improve
efficiency, diversify their range of
services and to differentiate with
complementary capacities.
Many companies are aiming

to become part of a European
GUILLAUME PETIT multimodal network as part of their
geographic integration strategy. Local
presence is becoming increasingly
important and is supported by
technological developments and cost
OUR M&A PERSPECTIVE reductions.
ON THE TRANSPORT & CEES VAN VLIET
LOGISTICS SECTOR
IMAP
4 TRANSPORT & LOGISTICS SECTOR OVERVIEW TRANSPORT & LOGISTICS SECTOR OVERVIEW 5
IMAP GLOBAL
TRANSPORT & LOGISTICS EXPERTISE
BELGIUM BELGIUM FRANCE FRANCE GERMANY GERMANY ITALY ITALY
ALEXIS MEEUS PETER VAN RAEMDONCK FRANCK CEDDAHA FRANÇOIS-RÉGIS COTTIN DR. CARSTEN LEHMANN HANS-HASSO KERSTEN DANIELE SOTTILE MASSIMO INSALACO
alexis.meeus@imap.com peter.vanraemdonck@imap.com franck.ceddaha@imap.com francoisr.cottin@imap.com carsten.lehmann@imap.com hans-hasso.kersten@imap.com daniele.sottile@imap.com massimo.insalaco@imap.com
EUROPE
HUNGARY NETHERLANDS NETHERLANDS NETHERLANDS POLAND SPAIN
ANDRÁS ENDRODI REMCO SCHOUTEN GUILLAUME PETIT CEES VAN VLIET KRZYSZTOF KEMPINSKI PABLO GOMEZ
andras.endrodi@imap.com remco.schouten@imap.com guillaume.petit@imap.com cees.vanvliet@imap.com krzysztof.kempinski@imap.com pablo.gomez@imap.com
COLOMBIA USA USA USA

NORTH AMERICA
LATIN AMERICA
FELIPE CAMACHO JACOB VOORHEES BURKE SMITH JAY MERCIER

felipe.camacho@imap.com jacob.voorhees@imap.com bsmith@imap.com jay.mercier@imap.com
CHINA CHINA INDIA INDIA JAPAN JAPAN

ASIA
JACKY JUNXIONG WANG ZHENG YANG ASHUTOSH MAHESHVARI RANGA PRASAD IKUO YASUDA JEFFREY SMITH
junxiong.wang@imap.com zheng.yang@imap.com ashutosh.maheshvari@imap.com ranga.prasad@imap.com ikuo.yasuda@imap.com jeff.smith@imap.com
IMAP
TRANSPORT & LOGISTICS SECTOR OVERVIEW
Enabling a global flow of goods
There are various ways to categorize all the activities in the Transport & Logistics sector, but in this
report, we provide our M&A perspective on three primary sectors: road freight, inland shipping and air,
ocean and rail freight.
Primary Sector Subsectors M&A Considerations
▪ Transport and forwarding

▪ FTL, LTL and distribution
▪ Container transport
▪ Temperature controlled cargo
Road Freight ▪ Project cargo

▪ Value-added logistics (e.g., warehousing)
▪ Expansion of transport network
▪ Expansion of service offering
▪ Multimodal service offering

▪ Transport and forwarding
▪ Container shipping ▪ Client portfolio optimization
▪ Dry bulk shipping
▪ Sector diversification
▪ Liquid bulk shipping
▪ Economies of scale
▪ General cargo
Inland Shipping ▪ Project cargo ▪ Vertical integration
▪ Value-added logistics
▪ Geographical expansion
▪ Cross-selling synergies
▪ Technology synergies
▪ Air, ocean and rail transport and forwarding

▪ Value-added logistics
Air, Ocean and Rail Freight
IMAP
SNAPSHOT
Revenue in the EU-28 Transport Sector by Mode Evolution of Dutch Freight Transport Volume (Million Tons), by Type
1% 0%
5% 1.200
1.101
Warehousing and support activities
8%
Road freight transport 1.000

857
36% Air transport
8%
800
Road passenger transport 697
Postal and courier activities

600
9%
Sea transport 457
396
Railways
400 341
Pipelines
9%
Inland water transport 200
23% 82
37 53
0
Sources: European Commission, Netherlands Bureau for Economic Policy Analysis By road Inland navigation By rail
2011 2030 2050
IMAP
TRENDS
Digital Transformation
Personnel International
Shortage Trade Shift
Consolidation
Technological
Multimodal Innovation
Transport & Logistics
New
Sustainability
Entrants
Digital Platforms
Digital Transformation Technological Innovation Digital Platforms Consolidation
Logistics organizations are profiting from digital Technological innovation is shaping the current Digital platforms are rising in the logistics sector, Consolidation has been a key trend recently within
transformation, through which they are able to logistics landscape and provides opportunities to cut posing a threat for traditional freight forwarders and the logistics segment, with several underlying drivers
enhance traceability, leverage accurate forecasting costs and improve operational efficiencies. an opportunity for smaller transport organizations influencing the market division.
and optimize supply chains. who can save costs.
International Trade Shift Sustainability New Entrants Personnel Shortage
International trade shifts are expected due to political All markets are susceptible to the sustainability New entrants are making a bigger impact, with the Personnel shortage is an increasing problem in the
developments such as: free trade agreements, trade trend, but Logistics is the prime market in which rise of new technologies such as cloud platforms logistics market, meaning wages are currently at an
wars, rising trade between Europe and Asia and the organizations are investing in re-designed business and crowd-sharing. Smaller start-ups benefit from all-time-high and job vacancies are relatively high.
globalization of logistics organizations. models to encourage a sustainable and profitable collaboration with incumbents and complement
market. their services.
IMAP
PANDEMIC IMPACT M&A OPPORTUNITIES
Market Attractiveness
Shift in Type of Transported Goods
Fragmented Market
Due to the impact of COVID-19, most life sciences and consumer goods
companies have experienced rapid growth, while many retailers and Despite the ongoing consolidation, the Transport & Logistics market is still fragmented,
industrial firms are experiencing a decrease in business, leading to a shift in providing opportunities for further consolidation.
transported goods.
Technology Developments
New technologies are continuously being deployed across the Transport & Logistics sector,
changing the logistics landscape. Some examples: Data analytics, digitalization, warehouse
More Volatile Flow of Goods robotization, autonomous vehicles, technology platforms and blockchain.
The flow of goods shifts more frequently to navigate the many lockdowns Robust Performance
and measures of each country.
The Transport & Logistics sector continues to exhibit robust financial performance with
increased global trade and a more and more consumption driven world economy during the
last decades.
Accelerated Trends
The COVID-19 outbreak has accelerated the ongoing trends in the Transport
Deal Activity Drivers
COVID-19 and Logistics market, such as e-commerce, supply chain management,
logistics marketplaces, innovations to increase efficiency, and more.
Challenges and
Opportunities Expansion of Service Offering
Companies are looking to expand their service offering through M&A to satisfy increasingly
demanding clients. Market players are pursuing an M&A strategy to improve their multimodal
service offering or gain access to new services or technologies. In some subsectors, a vertical
Shake-out Consolidation integration strategy offers potential to gain a strong position and optimize the flow of goods.
Small logistics companies are increasingly distressed due to the negative

impact of COVID-19, or seek opportunities to partner with other strategic Expansion of Transport Network
parties, leading to increased consolidation.
Transport & Logistics companies are always trying to expand their transport network to
improve service offering to clients and optimize the flow of goods. M&A is increasingly used as
a tool for transport network expansion.
Operational Excellence
Disconnected Supply Chains
Companies are increasingly considering M&A as a tool to gain access to new systems and
technologies to improve operational excellence.
Global supply chains were shifted or disconnected due to lockdowns and
other measures to halt the virus.
IMAP
14 ROAD FREIGHT ROAD FREIGHT 15
OUR UNDERSTANDING OF ROAD FREIGHT
Road freight comprises the transport and forwarding of dry bulk, liquid bulk, general cargo
(ranging from packages to containers), and temperature-sensitive cargo by road. It is the
largest transport mode in the Netherlands and Europe. Requiring lower capital investments,
it is cost-effective, enables door-to-door delivery, is quicker, and more flexible than other
modes of transport. Furthermore, road freight also connects other modes of transport.
IMAP
Dutch Road Freight Market (in $ Billions)

MARKET FUNDAMENTALS CAGR 4.2%
35
30 31
30 29
27
EU Road Freight Market Value EU Road Freight Market CAGR 25
26 26
25
€ 322 B 3.0 % 20
Estimated market value Expected yearly growth rate

15
in 2020. between 2020-2025.
10
5
NL Road Freight Market Value NL Road Freight Market CAGR
0
$ 26 B 4.2 % 2018 2019 2020 2021 2022 2023 2024
Estimated value in 2020. Expected yearly growth rate Freight Mileage EU-28 by Mode EU Road Freight Players
between 2020-2024.
4%
6% 12%
NL Road Transports Yearly EU Road Freight Players

18%
55.4 M 12 %
Transports were executed in the The EU road freight market is 72%
Netherlands in 2020, an increase of fragmented as the top 20 firms 88%
2.8% compared to 2019. 8.4 million capture only 12% of the market.
transports were international.
Road Rail Inland waterways Pipelines Top 20 players Others
Sources: Eurostat, European Commission, Globe Newswire, TI Insight, CBS Statline
IMAP
RECENT TRANSACTIONS
“For some time, the Transport & Logistics industry has been evolving, with consolidation of
players and businesses seeking to provide an integrated portfolio of services to address
client needs. Companies need to think and act as challengers: fail fast, respond with agility
and take advantage of regulatory changes.”
EY
“Considering the market challenges, trends and required investment, IMAP Netherlands
expects that the current M&A wave in road freight is far from over.”
IMAP Netherlands
Group of
Buyer Investors
Store
distribution
Finnish
activities of division of
Target
Date May-21 Mar-21 Feb-21 Jan-21
IMAP
HIGHLIGHTED TRANSACTIONS TRENDS & DEVELOPMENTS
Buyer
INCREASED CLIENT
INCREASING COSTS MOBILITY PACKAGE
EXPECTATIONS
Recent advances in technology Road freight rates in Europe In 2017, the European
and the development of will rise in 2021, following a Commission adopted the
logistics services have enabled decrease in 2020, driven by Mobility Package, which
shorter delivery times, which the economic rebound, rising includes regulations to improve
have increased consumer fuel prices, and a shortage drivers’ working conditions
Italian, Belgian, Dutch expectations. However, of drivers. In 2020, expenses and safety and to ensure the
activities of consumers remain highly price- decreased due to a lower market’s fairness & efficiency.
Target
sensitive regarding delivery demand caused by the The Mobility Package includes
services. Local facilities which economic slowdown linked to a return obligation for lorries
provide cheap and fast services the COVID situation. and the cabotage quotas
are favored. on international combined
transport operations will
become applicable from
February 21 2022. This
package will increase the labor
expenses of Eastern European
drivers.
Date
November 2020 November 2020 October 2020
The merger of Simon Loos and The acquisition of the activities The acquisition of PEKAES
Peter Appel Transport enables of Nagel Group will enable Stef expands GEODIS’ operations in
the companies to anticipate to further strengthen its market Poland, as well as in the German
the rising challenges of quality, position and optimize its network market and Central Europe as
digitalization, specialization, and in Italy and the Benelux region. a whole. PEKAES’ multimodal
Rationale
sustainability in the road freight lines out of Poland represent

market. a real growth opportunity for
this mode of transport. The
multimodal lines will supplement
GEODIS’ lines in Western Europe,
which are currently experiencing
strong growth given customers’
desire for transport with a low
environmental impact.
IMAP
22 INLAND SHIPPING INLAND SHIPPING 23
OUR UNDERSTANDING OF INLAND SHIPPING
Inland shipping comprises the of the transport and forwarding of dry bulk, liquid
bulk, containers, general cargo and project cargo by vessels through the inland
waterways. It is a competitive alternative to road and rail which are often confronted with
congestion and capacity problems, while inland shipping is characterized by its reliability,
energy efficiency and major capacity for increased exploitation. Other advantages of
inland shipping include a high safety level for the transportation of dangerous goods, its
suitability for bulk cargo and low noise emission.
IMAP
MARKET FUNDAMENTALS TRENDS & DEVELOPMENTS
European Inland Waterway Trans. European Inland Waterway Trans.
144 B 6.2 %
Total European performance Increase in 2019 relative to 2018. EXTREME WEATHER
ENVIRONMENT AUTONOMOUS SHIPPING
in 2019 (ton-kilometer). CONDITIONS
The inland shipping sector Extreme weather conditions The technology for
offers several key competitive such as low-water levels and autonomous shipping is
advantages over other storms with heavy wind will projected to be implemented
European Inland Container Trans. Dutch Inland Shipping Vessels transport modes in terms form a threat for the inland in the next 5 years. It is
of energy efficiency, noise shipping market. In particular, anticipated that autonomous
1.5 M TEU/KM 8,000 + emissions and congestion.
The energy consumption per
the Rhine has thwarted the
shipping industry in the past
shipping will first be introduced
in inland shipping before it
km/ton of transported goods due to low water-levels that transforms the short-sea and
Waterway’s transport of The largest and most modern
is approximately only 17% of slowed the growth potential deep-sea sector. Autonomous
containers in 2019, of which fleet in the world. road transport and 50% of rail that the market exhibits. shipping is a cost saving and
31% are empty containers. transport. Moreover, inland quality improving technology,
shipping is considered as a while also contributing to the
real solution for the congestion climate change problem since
problem, having ample unused it improves energy efficiency
capacity available and being and planning possibilities.
Dutch Market Share Cross Border Transport able to transport large volumes.
47.5 % 74.3 %
Share in the inland shipping Of the total European inland transport
market in Europe in 2019, market was cross-border in 2019, in the
measured in billion ton-kilometer. form of export, import or transit traffic.
Global Inland Shipping Inland Shipping Container Transport in Europe

(in $ Billions) (in Thousands TEU)
23,8 Extreme low

22,6 6.720 6.778 water 6.718
21,6
20,5 6.515 6.434
19,6 6.418
18,6 6.337
5.837 5.927
5.607
2020 2021 2022 2023 2024 2025 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Sources: Statista, Eurostat, Rijksoverheid, Bureau Voorlichting Binnenvaart, ResearchAndMarkets.com / Businesswire
IMAP
RECENT TRANSACTIONS
A Selection of Transactions
1 Rhenus Logistics has agreed to acquire an 81.08% stake in Deutsche Binnenreederei AG (DBR), a Germany-based provider of inland shipping transport
and logistics services, from OT Logistics S.A. The transaction will reinforce Rhenus’ presence in the eastern German canal network, Poland, France and
along the Danube.
2 Haefen und Gueterverkehr Koeln AG has agreed to acquire Imperial Shipping Services GmbH (ISS), a Germany-based shipping services provider for
European inland waterways, from Imperial Logistics Limited (IPL). The acquisition is ideal for Haefen’s investment portfolio for logistics and freight transport
companies. It will expand Haefen’s services in chemical and gas shipping, as well as its presence in Zeebrugge, Antwerp, Rotterdam and Amsterdam.
Buyer
Target
Date Mar-21 Dec-20 Aug-20 Jul-20 May-20 Nov-18
IMAP
28 AIR, OCEAN AND RAIL FREIGHT AIR, OCEAN AND RAIL FREIGHT 29
OUR UNDERSTANDING OF AIR, OCEAN AND RAIL FREIGHT
We have combined air, ocean and rail freight in this report
as these sectors experience roughly the same market
dynamics and large freight forwarding companies have been
combining these modalities to improve their multimodal
service offering. Technology and scale will play a crucial role
in further optimizing the multimodal service offering.
“The top-performing freight-forwarding players

recognize the importance of scale.”
“Transport and Logistics in a changing world”,
<BCG>
IMAP
MARKET FUNDAMENTALS Global Freight Forwarding Market Size (in $ Billions)
COVID-19 Scenarios Vary +3.5% to -7.5% in 2020

250
Global Freight Forwarding Market Size CAGR Global Freight Forwarding CAGR 3.5%
200
$ 161 B 3.5 % 145 150 155 161 166 172 178
150
Expected market size in 2021. Yearly growth rate expected
between 2018-2024.
100
50
Global Players Market Fragmentation
46 % >50 % 0
2018 2019 2020 2021 2022 2023 2024
Of freight forwarding Of the global forwarding market is

opportunities represented by controlled by 20 major players such as
North America, followed by Asia- DHL, Kuehne + Nagel International and Forwarding Market (by Region) Containerized Cargo Flows by Trade Route
Pacific (42%) and Europe (8%). DB Schenker.
35 30
4%
8% 30 25
APAC Demand Service Segmentation 25
46% 20
50 % 68 % 42%
15
10
8
5
The Asian-Pacific region is the Of firms in the forwarding industry 0
fastest growing segment and is specialize in the arrangement and
ic
expected to account for half the shipping of merchandise.
ifi
op
nt
ac
tla
ur
-p
-E
global trade lanes by 2030. North America Asia-Pacific
sa
s
ia
an
an
As
Tr
Tr
e-
Europe Other
p
ro
Sources: Statista, Mordor Intelligence, Cargocare, Logistics Trends and Insights, DHL
Eu
IMAP
MARKET FUNDAMENTALS - AIR
Global Air Cargo Traffic Volume (in Million Metric Tons) Dutch Air Freight Transport Forecast (in Million Ton-km)
16.000
70
63 62
62 61 61
14.000 CAGR 3.2%
60 57
54 55 54
51 51 51 52
12.000
50 47 46
45 10.286
41 42 42 9.753
10.000 9.198
40 8.620
7.873 8.017
8.000 7.388
30 6.444 6.347
6.015 5.754 5.855 5.887
5.726
6.000 5.293
20 4.746
4.000
10
2.000
0
0
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
21
D
ID
VI
OV
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
CO
-C
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
e-
st
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
pr
po
20
20
20
Sources: Statista
20
IMAP
MARKET FUNDAMENTALS - OCEAN
Global Ocean Freight Market Size (Million TEU’s) Dutch Sea and Coastal Freight Water Transport (in $ million)
120
12.000
CAGR 4.0% CAGR 3.9%

100 10.000
79 7.786 7.877
80 75 7.536 7.673
72 8.000 7.162 7.368
67 69 6.910
65 6.652
6.249
5.969
5.691
60 6.000
4.950 4.984
40 4.000
20 2.000
0 0
2017 2018 2019 2020 2021 2022 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Sources: Statista
IMAP
MARKET FUNDAMENTALS - RAIL
EU Rail Freight Traffic (in Billion ton-km) Dutch Rail Freight Volume (in Million Tons)
Note: 2020 is a Forecast Year

4.500
45
CAGR 1.4%
4.000
40
3.500
3.127 3.134
2.961 3.031 35
2.844 2.868 2.834 2.900
3.000
30
2.500
25
2.000
20
1.500
15
1.000
10
500 5
0 0
2012 2013 2014 2015 2016 2017 2018 2019
86
88
90
92
94
96
98
00
02
04
06
08
10
12
14
16
18
F
20
19
19
19
19
19
19
19
20
20
20
20
20
20
20
20
20
20
Sources: Statista, CBS
20
Inland Import Export Transit
IMAP
TRENDS & DEVELOPMENTS
SYNCHROMODALITY GLOBAL CONTAINER SHORTAGE RAIL POTENTIAL
Synchromodality is defined as an evolution of Currently, the ocean freight market is witnessing a The European Commission is aiming to reduce the
inter- and co-modal transport concepts, whereby tremendous shortage of containers, resulting in sharply emission of greenhouse gasses. Rail transport is the
one party coordinates the entire transport process. increasing prices. This shortage is a consequence of modality that is a more sustainable form of transport
Synchromodality selects the mode of transport best the COVID-19 pandemic, which reduced the number of compared to road and air freight. Currently, the EU is
suited to the shipment at that specific moment and available containers and operational vessels, changed offering great funding to member states to improve the
therefore, enables the optimization of transport the flow of goods, and resulted in congested ports. The rail systems. The European Commission’s goal is to
processes and available transport resources. market expects that high rates will remain in 2021. double rail freight by 2050.
IMAP
RECENT TRANSACTIONS - AIR
A Selection of Peer Transactions
DSV Panalpina A/S (“DSV”) has acquired Agility’s Global Integrated Logistics business (“GIL”), which is the global logistics division of Agility Public Warehousing
1 Company K.S.C.P. (“Agility”). According to DSV, GIL’s global network, industry competencies and strong market position in APAC and the Middle East complement
DSV’s network well and will support their long-term value creation ambitions. Moreover, the merger with GIL is expected to increase DSV’s annual revenue by
approx. 23%, which will rank the combined company in the freight forwarding industry top three, with a pro forma revenue of approximately $22 billion.
Kuehne+Nagel acquired Apex International Corporation (“Apex”), one of Asia’s leading freight forwarders in the transpacific and intra-Asia. According to Apex, the
2 merger with Kuehne+Nagel provides the company with an opportunity to offer its customers a compelling proposition in the competitive Asian logistics industry,
especially in e-commerce fulfilment, hi-tech and e-mobility. According to Kuehe+Nagel, the acquisition of Apex is another important cornerstone in their strategy to
accelerate growth in the Asia Pacific region.
DSV Panalpina has acquired Prime Cargo from Mitsui-Soko Group in Japan, which includes Prime Cargo’s activities in China, Denmark and Poland. Prime Cargo is
3 an international forwarding company which offers tailored freight, warehousing and logistics solutions. It has a high degree of specialization in e-commerce and
fashion, operating fully automated, state-of-the-art warehouses. The acquisition complements DSV Panalpina’s activities within selected verticals where it currently
has little activity.
Buyer
Target
20% share
Date Apr-21 Mrt-21 Feb-21 Jan-21 Dec-20 Mar-20 Jun-19
IMAP
RECENT TRANSACTIONS - OCEAN
Blue Ocean Terminals was formed with the acquisition of Rotterdam Short Sea Terminals (“RST”) in 2021. RST is Europe’s largest container hub for short sea
1 shipping with direct services to Western Europe, Scandinavia, Southern Europe and North Africa. From its central location in the Port of Rotterdam, RST processes
approximately 1.3 million TEU per year via its tri-modal connections.
Verenigde Tankrederij B.V. (VT Group) has agreed to acquire Boluda Tankers S.A.U., Eurotanker Internacional, S.L.U. and Compania Maritima de Panama, S.A., the
2 Spain-based providers of fuel supply and transport services. The acquisition strengthens VT Group’s position in the bunker hotspots in Southern Europe, Central
America and the Caribbean as part of its strategy to grow with its customers in their bunkering hubs.
CMA CGM has launched a public tender offer for the approximately two-thirds of CEVA Logistics’ shares it does not already control. Merging CEVA’s operations into
3 the CMA CGM Group will strengthen CMA CGM’s position as a worldwide leader in maritime transport and logistics. The Group is now present in 160 countries and
will be 110,000 people strong, with over $30 billion in total revenue.
JZ Logistics
Buyer Holding
(overseas)
Co. Limited
Target Compania
Maritima de
Panama, S.A.
Date Apr-21 Jan-21 Nov-20 Jul-20 May-20 Jan-20 Aug-19 Apr-19 Jan-19
IMAP
RECENT TRANSACTIONS - RAIL
Lineas, the largest private rail freight company in Europe, acquired Rotterdam-based operator, Independent Rail Partner (IRP) to strengthen its presence in the Dutch
1 market. Independent Rail Partner is an independent rail freight operator, founded in 2011 and based in Zwijndrecht, the Netherlands. It has a strong presence in the
Port of Rotterdam and extensive coverage of the Dutch market. The company provides services for other rail freight operators, employs 35 people and has a fleet of
12 locomotives.
Ancala Partners LLP, the independent infrastructure investment manager, has agreed to buy Hector Rail AB (“Hector Rail”) from EQT, including its subsidiary Hector
2 Rail GmbH. Hector Rail is the largest privately-owned rail freight operator in Scandinavia and one of the few running corridor traffic between Sweden and Germany.
Ancala Partners LLP is an independent infrastructure investment manager focused on delivering enhanced returns from mid-market infrastructure investments
across Europe.
A joint venture by the Swiss logistics companies Planzer, Camion Transport, Galliker and Bertschi – acquiring a 35 percent shareholding in the swiss rail freight
3 transport business, SBB Cargo. The four family businesses intend to contribute to the successful development of SBB Cargo, as well as to sustainable and
environmental transport logistics. Bertschi group is a large tank container operator and a pioneer in sustainable transport solutions, already moving 80% of its
European freight volumes via intermodal transport by rail. SBB announced its intention to identify partners for a minority interest in September 2018.
H.Essers acquired Euro Terminal Genk (ETG) from rail operators, Lineas and LRM. Through this acquisition, the company is increasing its investments in Genk,
4 which already amounted to EUR 95 million. H.Essers is one of the leading companies in Europe in the transportation and logistics industry for sectors such as
Chemicals, Pharmaceutics/Healthcare and high-quality goods.
Buyer
Carolina Rail Euro

Target Coastal Terminal Terminal
Railway Bilk 35% share Genk (ETG)
Date Jan-21 Jun-20 Feb-20 Nov-19 Sep-19 Aug-19 Mar-19
IMAP
46 IMAP TRANSPORT & LOGISTICS DEALS IMAP TRANSPORT & LOGISTICS DEALS 47
IMAP NETHERLANDS TRANSPORT & LOGISTICS DEALS
Selected IMAP Netherlands International Deals
Leading logistics services provider Leading global forwarding Intermodal logistics operator
Bulk liquid tank container transport
One of the world’s largest logistics platforms NETHERLANDS NETHERLANDS BELGIUM
UNITED STATES
UNITED STATES
Acquired 100% Acquired 100% Acquired 100% Acquired 100%

Acquired the Short Sea Activities of
of Business Operations of Business Operations of Business Operations of Business Operations
One of the fastest growing road freight High-end freight forwarding company Global company in the bulk liquid Short sea transport and logistics activities Liquid tank container logistics
forwarders in Europe NETHERLANDS logistics market NETHERLANDS NETHERLANDS
NETHERLANDS UNITED KINGDOM
ADVISED ON SALE OF COMPANY ADVISED ON SALE OF COMPANY ADVISED THE BUYER ADVISED ON SALE OF COMPANY ADVISED ON SALE OF COMPANY
Hartman Beheer B.V. Quivado
Provider of conditioned transport Largest bulk & tank truck network Logistics company International freight forwarding Leading European logistics
NETHERLANDS in North America NETHERLANDS and logistics and transport company
UNITED STATES BELGIUM SPAIN
Acquired 100%
Acquired 100% Acquired 100% Acquired 100% of Business Operations
Acquired
of Business Operations of Business Operations of Business Operations
Regional transport of industrial

Provider of conditioned transport Tank container cleaning business Logistics services in container Professional logistics service provider and commercial packages
and paper transport
NETHERLANDS NETHERLANDS NETHERLANDS SPAIN
NETHERLANDS
ADVISED ON SALE OF COMPANY ADVISED ON SALE OF COMPANY ADVISED ON SALE OF COMPANY ADVISED ON SALE OF COMPANY ADVISED ON SALE OF COMPANY
IMAP
IMAP TRANSPORT & LOGISTICS DEALS
Selected IMAP International Deals
Investee of Stratus (PE fund) One of the world’s largest agricultural Leading Italian PE fund Transportation, water & recycling services
Transport and logistics company
BRAZIL processors and food ingredient providers ITALY GERMANY
DENMARK
UNITED STATES
Acquired 100% Acquired Investment Interest Acquired Selected Assets of Acquired 100%
Leased Operating Assets from
of Business Operations in Seller’s Business Seller’s Business of Business Operations of
Brazilian road freight business of Cargo logistics and harbor operations Heavy transportation & applied Transportation and mobility company Transport and logistics company
leading global logistics company UNITED STATES engineering company FRANCE SWEDEN
BRAZIL ITALY
ADVISED ON SALE OF COMPANY ADVISED ON LEASING ADVISED ON SALE OF COMPANY ADVIDES ON PUERCHASE OF COMPANY ADVISED THE SELLER
Logistics provider Logistics player in the automotive industry Largest distribution logistics Specialist in global transport solutions Consortium of private investors
NETHERLANDS ITALY provider in Mexico SWEDEN MOROCCO
MÉXICO
Launched Business Operations

Acquired Investment Interest Acquired 100% Acquired Majority Control of Acquired 100%
in Seller’s Business of Business Operations Business Operations of Business Operations of
Ferry operator - passenger & freight

Barging & Logistics Logistic player in the automotive industry Logistics provider for pharma Logistics and Transport company MOROCCO
GERMANY ITALY industry in Colombia SWEDEN
COLOMBIA
ADVISED ON SALE OF COMPANY REPRESENTED THE BUYER IN THIS TRANSACTION ADVISED ON SALE OF COMPANY ADVISED THE SELLER ADVISED ON THE RESTRUCTURING OF €25 MILLION
DEBT AND ON €10 MILLION CAPITAL INJECTION
IMAP
IMAP NETHERLANDS
Advised on Key Cross-border Transport & Logistics Deal
IMAP Netherlands advises freight forwarding specialist Combinex on sale to C.H. Robinson
• IMAP is pleased to announce that C.H. Robinson (NASDAQ: CHRW), one of the world’s largest logistics platforms,
has acquired Combinex Holding B.V. (“Combinex”), a specialist in customer-oriented transport management. The
acquisition further expands C.H. Robinson’s European road transport footprint.
• Founded in 2006, Combinex is a freight forwarding company specialized in transport services for dry goods and
fresh & frozen goods throughout Europe, providing both FTL* and LTL** for dry goods and FTL for fresh & frozen.
The Company is one of the fastest growing forwarders in the Benelux region, specialized in transport services for
dry, fresh and frozen goods. (*Full Truck Load, **Less Than Load). One of the world’s largest logistics platforms
UNITED STATES
• C.H. Robinson solves logistics problems for companies across the globe and across industries. With over $21 Acquired 100%
billion in freight under management and 19 million shipments annually, C.H. Robinson is one of the world’s largest of Business Operations
logistics platforms. With the combination of multi-modal transportation management system and expertise, they
use their information advantage to deliver smarter solutions for more than 105,000 customers and 73,000 carriers
globally. The company consists of 46 offices, and over 1,600 employees in 15 countries in the region.
One of the fastest growing road freight
• This announcement follows two recent acquisitions of the company in 2019 of Dema Services in Italy, and the forwarders in Europe
NETHERLANDS
freight forwarding group Space Cargo in Spain.
• Jeroen Eijsink, President of Europe for C.H. Robinson, said: ‘‘The acquisition is a great opportunity for C.H. ADVISED ON SALE OF COMPANY
Robinson and will strengthen our existing footprint in Europe, particularly our presence in Western Europe.
Combinex will also offer us additional short and medium haul capabilities with a dedicated fleet, expanding our
reach in the short and medium haul market, within which Western Europe is the largest. I am excited to welcome
Combinex and its experienced team to the C.H. Robinson family.’’
Founder and shareholder of Combinex, Mr. A Troost, commented:
“The logistics market is changing rapidly, with scale becoming increasingly important. Last year we, together with IMAP, started the search for
a suitable and complementary partner. We found it in CH Robinson. Our company cultures are very similar, clearly built up with and by people.
I am very happy with the entire process in which we were advised by the IMAP team consisting of Cees, Wouter and Steven.”
IMAP
52 ABOUT IMAP ABOUT IMAP 53
IMAP NETHERLANDS - TRANSPORT & LOGISTICS TEAM
IMAP Netherlands has a dedicated Transport & Logistics sector team headed by Remco Schouten, Guillaume Petit and Cees van Vliet.
IMAP Netherlands M&A Advisors Advisor Profiles
REMCO SCHOUTEN - Partner

Remco is one of the founding partners at IMAP Netherlands. Before he started IMAP Netherlands, he worked for
corporates such as SGS, NXP, KPMG and several family-owned companies. He brings over 30 years of corporate
Global finance experience and sector focus in Transport & Logistics (barging, short- sea, deep-sea and expedition),
Network Maritime and Industrials to the table.
GUILLAUME PETIT - Partner

Guillaume joined IMAP Netherlands as a partner in January 2019. Prior to this, he worked at EY for over 10 years
where he headed the M&A practice in Rotterdam. He advised on domestic and cross-border transactions
Sector involving private and listed organizations, as well as private equity investors, with a particular focus on the
Expertise
Transport & Logistics, Oil & Gas, Maritime and IT sectors.
CEES VAN VLIET - Director

Cees is a director at IMAP Netherlands. He began his career at Rabobank and has over 15 years of experience
Dedicated in the M&A and corporate finance market. Due to his many years of experience, Cees specializes in Transport &
Team Logistics, with significant knowledge in barging, freight forwarding, road transport and deep-sea logistics.
CONSULTANT POOL
The senior deal team is supported by a dedicated pool of consultants including Wouter Mostert and Steven
Over 300
Transactions
Klaren, with transaction experience in Transport & Logistics who are ready to hit the ground running.
Selected Transaction Experience
10+ Running Projects
IMAP
54 ABOUT IMAP ABOUT IMAP 55
ABOUT IMAP
INTERNATIONAL MERGERS & ACQUISITION PARTNERS GLOBAL REACH
Consistently ranked among the Top 10 middle market M&A advisors worldwide Our cross-border experience extends across Europe, the Americas, Asia and Africa
450+ 47 60+ $12.5bn 450+ 43 60+

TEAM OF IMAP YEARS OF M&A OFFICES IN 43 CLOSED DEAL PROFESSIONALS COUNTRIES OFFICES
PROFESSIONALS EXPERIENCE IN THE COUNTRIES VALUE 2020 WORLDWIDE
WORLDWIDE MIDDLE MARKET
ENTREPRENEURIAL SPIRIT MIDDLE MARKET FOCUS GLOBAL REACH EXECUTION EXPERIENCE
• IMAP is a partner-driven, client- • Sell-side advisory for primarily • Proven cross-border advisory • IMAP has closed over 2,100
focused and independent M&A privately held companies and practice. transactions valued at $90
advisory. spin-offs from large groups. • Global sector & project teams billion in the last 10 years.
• Senior experience and hands • Strategic acquisitions for across 15 sector groups.
on involvement in deals – international corporates. • Leveraging local knowledge
230 Senior Transaction/ • “Sweet –spot” Transaction and corporate access in all
Transaction Advisors. Values $20 – 250 million. relevant international markets.
• Worldwide IMAP team • Strong PE and Family Office
comprising 450+ Coverage.
professionals.
GLOBAL PERFORMANCE 2020
218 $12.5bn 30% 6th

M&A TRANSACTIONS TRANSACTION VALUE CROSS-BORDER DEALS IN THE WORLD
Automotive
Transport Building Products & Services
& Logistics GLOBAL
PERFORMANCE
Technology 6% 4% 5% Business Services 1 PwC
North America New York Latin America Ivory Coast Europe Portugal
14% 9% 2 KPMG
U.S.A. Philadelphia Argentina Mauritius Belgium Russia
3 Deloitte
Consumer
Boston Richmond Brazil Morocco Bosnia & Herzegovina Serbia
4 Houlihan Lokey
& Retail Burlington San Diego Chile Nigeria Croatia Slovakia
Real Estate 5% DEAL 9% 5 Rothschild
Chicago San Francisco Colombia Senegal Czech Republic Slovenia
DISTRIBUTION 6 IMAP
Dallas St Louis Mexico South Africa Finland Spain
BY SECTOR Education 7 EY
Materials, 6% 4% 8 Oaklins
Denver Tampa Peru France Sweden
Chemicals & Training Detroit Washington DC Panama Asia Germany United Kingdom
& Mining 5% 9 Goldman Sachs
Greenville Canada China Hungary
Energy 10 Lazard
12% 7% & Utilities
Houston Toronto Africa India Ireland
Ranking based on number of transactions Los Angeles Vancouver Congo Japan Italy
7% 7% closed in 2020. Undisclosed values and Naples Egypt Thailand Netherlands
Industrials
Financial Services values up to $500 million. Ghana Poland
Source: Refinitiv and IMAP internal data.
Food & Beverage

Healthcare
IMAP
Report Contributors
REMCO SCHOUTEN
Partner
IMAP Netherlands
rschouten@imap.nl
GUILLAUME PETIT
Partner
IMAP Netherlands
gpetit@imap.nl
CEES VAN VLIET

Director
IMAP Netherlands
cvanvliet@imap.nl
WOUTER MOSTERT
Consultant
IMAP Netherlands
wmostert@imap.nl
STEVEN KLAREN
Analyst
IMAP Netherlands
sklaren@imap.nl
Contact:
IMAP Netherlands
Javastraat 8
3016 CE Rotterdam, The Netherlands
Gustav Mahlerplein 2
1082 MA Amsterdam, The Netherlands
www.imap.nl
© IMAP, Inc. 2021
IMAP
International M&A Partners

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IMAP INSIGHTS

IMAP NETHERLANDS M&A PERSPECTIVE ON THE

TRANSPORT & LOGISTICS

Air, Ocean and Rail Freight 28

The diversity of the

The current level of deal activity is

Many companies are aiming

OUR M&A PERSPECTIVE reductions.

ON THE TRANSPORT & CEES VAN VLIET

BELGIUM BELGIUM FRANCE FRANCE GERMANY GERMANY ITALY ITALY

HUNGARY NETHERLANDS NETHERLANDS NETHERLANDS POLAND SPAIN

COLOMBIA USA USA USA

FELIPE CAMACHO JACOB VOORHEES BURKE SMITH JAY MERCIER

CHINA CHINA INDIA INDIA JAPAN JAPAN

Primary Sector Subsectors M&A Considerations

▪ Transport and forwarding

Road Freight ▪ Project cargo

▪ Expansion of service offering

▪ Multimodal service offering

▪ Air, ocean and rail transport and forwarding

Air, Ocean and Rail Freight

Road freight transport 1.000

Postal and courier activities

2011 2030 2050

Digital Transformation Technological Innovation Digital Platforms Consolidation

International Trade Shift Sustainability New Entrants Personnel Shortage

Small logistics companies are increasingly distressed due to the negative

Dutch Road Freight Market (in $ Billions)

Estimated market value Expected yearly growth rate

$ 26 B 4.2 % 2018 2019 2020 2021 2022 2023 2024

NL Road Transports Yearly EU Road Freight Players

Date May-21 Mar-21 Feb-21 Jan-21

November 2020 November 2020 October 2020

sustainability in the road freight lines out of Poland represent

European Inland Waterway Trans. European Inland Waterway Trans.

Global Inland Shipping Inland Shipping Container Transport in Europe

23,8 Extreme low

Sources: Statista, Eurostat, Rijksoverheid, Bureau Voorlichting Binnenvaart, ResearchAndMarkets.com / Businesswire

Date Mar-21 Dec-20 Aug-20 Jul-20 May-20 Nov-18

“The top-performing freight-forwarding players

MARKET FUNDAMENTALS Global Freight Forwarding Market Size (in $ Billions)

COVID-19 Scenarios Vary +3.5% to -7.5% in 2020

Of freight forwarding Of the global forwarding market is

CAGR 4.0% CAGR 3.9%

Note: 2020 is a Forecast Year

SYNCHROMODALITY GLOBAL CONTAINER SHORTAGE RAIL POTENTIAL

Date Apr-21 Mrt-21 Feb-21 Jan-21 Dec-20 Mar-20 Jun-19

Carolina Rail Euro

Date Jan-21 Jun-20 Feb-20 Nov-19 Sep-19 Aug-19 Mar-19

Acquired 100% Acquired 100% Acquired 100% Acquired 100%

Hartman Beheer B.V. Quivado

Regional transport of industrial

Launched Business Operations

Ferry operator - passenger & freight

Founder and shareholder of Combinex, Mr. A Troost, commented:

IMAP Netherlands M&A Advisors Advisor Profiles

REMCO SCHOUTEN - Partner

GUILLAUME PETIT - Partner

CEES VAN VLIET - Director

Selected Transaction Experience

10+ Running Projects

450+ 47 60+ $12.5bn 450+ 43 60+

ENTREPRENEURIAL SPIRIT MIDDLE MARKET FOCUS GLOBAL REACH EXECUTION EXPERIENCE