UPDATE 1-Norbert Dentressangle to buy US-based Jacobson for $750 mln

Thu Jul 31, 2014 2:35am EDT

(Adds details from call)

PARIS, July 31 (Reuters) - French logistics group Norbert Dentressangle is to buy U.S.-based Jacobson Companies from private equity fund Oak Hill Capital Partners in a deal worth $750 million aimed at giving it critical mass in the United States.

The global air, sea and land transport group said the transaction was on a debt-free and cash-free basis with a capped earn-out - extra rewards for the seller relating to future performance.

It will be funded through Norbert Dentressangle reserves and available credit lines and is expected to close mid-September.

Norbert Dentressangle CEO Herve Montjotin said the purchase was part of the family-controlled group's aim to become a top player in global supply-chain management.

The acquisition of Des Moines, Iowa-based Jacobson, which runs 3 million square metres of warehousing across 142 sites in the United States and a fleet of 350 tractor units and 1,225 trailers, will add $800 million dollars to revenue to reach some $6.8 billion.

It will make the French group "scalable" in the fast-growing U.S. logistics and transport market, Norbert Dentressangle said.

The Dentressangle family owns 67 percent of the business.

(Reporting by Mark John and Andrew Callus, Editing by Tim Hepher)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.