- With the acquisition of 60% of Transportes El Mosca, Logista consolidates its position as one of the largest Spanish logistics companies and ranks second in temperature-controlled full load transport in Spain
- Enters the complementary business of maritime transport
- Expands its service offering with value-added logistics for the fruit & vegetable sector
- Expects to obtain synergies through the combination with Logista’s businesses
Madrid, 17 June 2022. – Logista, one of the largest logistics operators in Southern Europe, announces the acquisition of 60% of Transportes El Mosca, Spanish company specialised in the transport and warehousing of goods as well as frozen or refrigerated transport, mainly for the food industry. Additionally, Transportes El Mosca has consolidated its position as a national and international maritime transport company, with high specialization both for the treatment of dry goods and controlled temperature.
Family-owned company founded in 1936, Transportes El Mosca, headquartered in Molina de Segura (Murcia) has a fleet of more than 1,000 vehicles, employs about 1,100 workers, has a network of 12 national and international delegations that add up to more than 50,000 sqm of warehouses and recorded sales in 2021 of approximately 250 million euros and EBITDA of 25 million euros. More than 60% of Sales comes from international activity.
Transportes El Mosca offers national and international intermodal transport services by road, sea and air, as well as frozen or refrigerated transport. The fleet of vehicles helps to ensure service quality, while providing flexibility to respond quickly to customer needs. At a time of increasing difficulty to access new fleet capacity, this transaction transforms Logista’s service offering.
The main destination markets for the international road transport activity are United Kingdom, Germany, Portugal, France, The Netherlands and Italy and the main clients are food producers and large food retailers.
In maritime transport, the main international markets are China, the United States and Canada, in addition to some countries in Central and South America, Middle and Far East. Most of the clients of this line of business also belong to the food sector.
Through this acquisition, Logista expands its services portfolio, incorporating complementary capabilities in controlled temperature. For example, the maritime transport of refrigerated containers to the Balearic and Canary Islands or international markets, as well as a groupage service especially focused on the fruit & vegetable sector. Logista, which is already one of the largest Spanish transport companies, thus strengthens its position in national and international transport for the food industry and the pharmaceutical industry and becomes the second largest operator in the temperature controlled full load transport sector in Spain.
The combination of capabilities of the two groups will also allow the generation of synergies with the international full load business (Logista Freight) through the combination of premium outbound and inbound traffic.
The agreement reached contemplates the purchase of 60% of the capital of the Company, which will be paid with cash, for a maximum price of 106 million euros. The acquisition of the remaining 40% will be over the course of the next three years. The net financial debt at the end of 2021 amounted to approximately 23 million euros. Closing of the transaction is expected to occur around September/October 2022, once the necessary authorizations and approvals have been received from national authorities and the European Union.
Íñigo Meirás, CEO of Logista has commented: “I am pleased to announce the acquisition of Transportes El Mosca, which marks a transformational step for our transport division. This transaction is consistent with our announced diversification and growth strategy. With Transportes El Mosca we are strengthening Logista’s position in temperature-controlled transport in Spain, extending it internationally and complementing our existing capabilities in added-value services to customers. Among the new capabilities we are adding, I would highlight national and international maritime transport. The complementary nature of their operations with those of Logista represents a great growth opportunity and of value creation for our shareholders”.
