Abu Dhabi – Mubasher: Noatum, which leads the Logistics Cluster operations at AD Ports Group, has fully acquired Sesé Auto Logistics, the finished vehicles logistics (FVL) business of Grupo Logístico Sesé.
The transaction is expected to be completed by the first quarter (Q1) of 2024 at an enterprise Value (EV) of EUR 81 million, according to a press release.
The acquisition implies a trailing EV/earnings before interest, taxes, depreciation, and amortisation (EBITDA) of around 3.5x based on the company’s last twelve months (LTM) performance to August 2023 - revenue of nearly EUR 100 million, with EBITDA margin of 22.5%.
This is part of Noatum's strategy to provide a vertical solution for the automotive industry under the Noatum Automotive brand that covers the entire logistics value chain.
It also boosts Noatum’s port terminals business in Spain, offering an integrated logistics solution that will enhance Noatum Automotive’s services for original equipment manufacturers (OEMs) and other stakeholders.
Through the acquisition of Sesé Auto Logistics, Noatum seeks to enlarge its network and capabilities across Europe in the finished vehicle sector.
Meanwhile, the FVL market in Europe is estimated at EUR 3 billion, with a projected annual growth of 6% in the medium term.
Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports, indicated: “With the addition of Noatum to AD Ports, we are delivering on our wise leadership’s ambitious vision, and our strategy to expand our presence and build end-to-end supply chains across major global markets, and notably in Europe and the Mediterranean Region.”
Al Shamisi noted: “Noatum’s acquisition of Sesé Auto Logistics, which brings to us significant capabilities, expertise, and logistics networks, will help deliver on our vision as it will allow us to further expand within Europe’s growing and profitable automotive sector, and pave the way for us to become a leading global provider in the FVL industry.”
Antonio Campoy, CEO of Noatum, highlighted: "This is the first milestone acquisition for Noatum as the leader of AD Ports Group’s Logistics Cluster.”
“Our goal is to enhance Noatum Automotive’s industry solutions in order to strengthen our product range throughout the entire logistics supply chain, and to become one of the main global players in the automotive sector,” Campoy added.
Last July, AD Ports acquired Noatum at an enterprise value of AED 2.65 billion to scale up its footprint and scope of services worldwide.
In the first half (H1) of 2023, the UAE group’s net profit attributable to the owners rose by 2% to AED 617 million from AED 603 million in H1-22.
