The value of the transaction is USD 61m (enterprise value) post-IFRS 16 lease liabilities, reflecting an EV/EBITDA multiple of 7.1 based on estimated EBITDA for full-year 2021. Until obtaining all required regulatory approvals and closing of the transaction, Maersk and Martin Bencher Group remain two separate companies and thus will run their businesses independently as usual.
"Martin Bencher will be an excellent fit for Maersk and our integrator strategy, strengthening our ability to provide project logistics services to our global clients. When Martin Bencher joins the Maersk family, we will be able to deliver project logistics services with a high degree of reliability, a proven track record, and a strong focus on Health, Safety, Security, and the Environment (HSSE). In addition to supporting our existing customers’ project logistics needs, we will also be able to provide a more comprehensive offering to a wide array of industries," explains the company's strategy Karsten Kildahl, Regional Managing Director in Europe of Maersk.
With the intended acquisition of Martin Bencher, Maersk will also introduce a new product, Maersk Project Logistics. Project logistics is a specialized service offering within the global logistics industry that covers the combination of solution design, special cargo transportation, and project management services - including detailed planning, orchestration, and sequencing of end-to-end shipments from suppliers to destination sites.
A strong project logistics solution offering is a key element for clients with logistics requirements for large-scale projects across several industry segments, including renewable energy, pulp, and paper, power generation, mining, automotive, aid and relief, government contracted logistics, and industrial manufacturing.
Project logistics is not new to Maersk, as the company already has niche competencies based mainly in Europe and North America.
"We are thrilled to become an integral part of Maersk, which we see as an ideal fit for our people and clients. Clients requiring project logistics are aware of the constraints and challenges facing them and are seeking strategic partners with sufficient ambitions and strength to handle their entire global supply chain now and in the years to come. Together with Maersk, we will have the scale, commitment, and capabilities to handle the entire logistics scope of work for clients around the world – as well as expand into new industries," comments the acquisition Peter Thorsoe Jensen, CEO of Martin Bencher.
Martin Bencher Group was founded in 1997 and is an asset-light logistics provider that specializes in project logistics. It is headquartered in Aarhus, Denmark, and has a presence in key locations globally through 31 offices in 23 countries, with almost 170 employees.
Maersk is the largest container shipping line and vessel operator. The company delivered record results in Q2 2022. Revenue increased by 52pct. and earnings more than doubled compared to the same quarter last year. Results were driven by continued exceptional market conditions and sustained momentum from the strategic transformation focused on integrated logistics. Based on the strong performance in the first half of 2022, Maersk has upgraded its guidance for the full year 2022 and increased the current share buyback program.