DGAP-News: trans-o-flex Express GmbH / Key word(s): Corporate Action
trans-o-flex plans Initial Public Offering in Q4 2021
- trans-o-flex is the German market leader in actively temperature-controlled pharma logistics, complemented by specialised high value logistics.
- The Company operates two unique nationwide actively temperature controlled logistics networks for temperatures between 2-8 C and 15-25 C that combine parcels and pallets.
- Since a strategic realignment in 2017, trans-o-flex has been on a strong growth path, with revenues increasing from €468.4 million (2018) to €515.0 million in 2020. Company EBITDA increased with a CAGR of 19.4 percent from €42.0 million (2018) to €59.8 million in 2020. Most recently in 2020, the Company generated an operative cash conversion of 90.9 percent.
- In H1 2021, trans-o-flex generated €264 million in revenues and an adjusted EBITDA of €31 million showing robust growth despite COVID-19 impacts.
- Demographic change, new therapeutic options and the rise of home care, as well as an overall growing demand for express delivery are expected to further grow the German and Austrian market for specialized logistics for pharma and high value goods from €9.9 billion in 2020 to €12.2 billion in 2025.
- The Company intends to raise gross proceeds of at least €130 million from the sale of new shares. In order to achieve a significant free-float, the current shareholders, the Schoeller and Amberger Families through LFH3 Verwaltungs GmbH and M+P GmbH respectively, are committed to sell additional shares as part of the offering.
- trans-o-flex intends to use the proceeds from the IPO to expand its service offering, finance regional expansion and the build-up of new business, invest in innovation and technology and to repay existing shareholder loans, setting up the Company to grow revenue at high single digits and expand EBITDA margin to around 15 percent in the mid-term.
Market leader in GDP compliant logistics solutions for sensitive pharmaceuticals in Germany
As a full-service provider, the Company covers the entire logistics chain from procurement to fulfillment and offers additional services such as storage and commissioning. The Company specialises in the consolidated transportation of parcels and pallets. trans-o-flex's express offerings and temperature-control capabilities allow for unique service combinations. In 2020, the Company delivered parcels and pallets for over 1,500 customers and handled approximately 87 million parcels and over 2.2 million pallets. With its integrated offerings, trans-o-flex is the German market leader for transports between pharmaceutical manufacturers and wholesalers, as well as deliveries from pharmaceutical manufacturers to hospitals and pharmacies.
Wolfgang Albeck, CEO of trans-o-flex: "We have built a strong track record over the past years and have established trans-o-flex as the market leader for actively temperature-controlled pharmaceutical end-to-end express logistics in Germany. With today's announcement, we are taking the next step to address the growing need for GDP-compliant actively temperature-controlled logistics and secure express transport solutions. The pandemic has illustrated the need for reliable, fast and secure pharmaceuticals and health care logistics. With our express networks, temperature control-capabilities and focus on service excellence we believe we are uniquely placed to seize the opportunity for growth in the markets for pharma and high value logistics."
Beyond its home market Germany, trans-o-flex offers logistic services for temperature sensitive pharmaceuticals in Austria, in Benelux and France through its dedicated partner network EUROTEMP. The EURODIS network, co-founded by trans-o-flex in 1993, covers B2B deliveries (except for ThermoMed consignments) to defined destinations in 36 European countries.
trans-o-flex has been an important contributor to Germany's fight against COVID-19. trans-o-flex is a chosen partner of producers of rapid and PCR tests, authorities and government agencies. Since the start of the pandemic, the Company has delivered more than 8 million doses of vaccines to vaccination centers and more than 200 million Corona test kits to federal collection points and test centers, schools and nurseries in Germany.
trans-o-flex was established in 1971 as the first nationwide express delivery service in Germany with a focus on pharmaceutical express logistics. After becoming part of Austrian Post in 2006, trans-o-flex was acquired by the Schoeller and Amberger Families in 2016. Since then, management and the current shareholders have repositioned the Company, refocusing on its core competencies, freeing up network capacity and enhancing service quality.
Strong financial development since strategic realignment in 2017
Solid growth in H1 2021 despite COVID-19 related restrictions
trans-o-flex's unique service combinations in its integrated networks and its commitment to highest quality standards have led to a high client satisfaction of 88 percent and an exceptional customer retention: with its top-100 customers, trans-o-flex enjoys an average relationship of 28 years.
Untapped market opportunities due to growing demand for pharmaceuticals, expected stricter EU-wide transport regulation and complex logistics requirements
trans-o-flex is ready to address the growing demand for high-quality express solutions and to drive the digital transformation of logistics
The Company intends to raise gross proceeds of at least €130 million from the sale of new shares. trans-o-flex intends to use the proceeds from the IPO to extend the Group's existing service offerings, invest in its regional expansion, finance the build-up of new business, invest in innovation and technology and to repay existing shareholder loans. In the mid-term, the Company is targeting revenue growth in the high single digits and to expand EBITDA margin to around 15 percent.
J.P. Morgan and Deutsche Bank are acting as Joint Global Coordinators and Joint Bookrunners while Jefferies and UniCredit are acting as additional Joint Bookrunners.
Information relating to financial terms
The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction.
This announcement is not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia), Australia, Canada or Japan. This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States, Australia, Canada or Japan. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act").
The securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act. There will be no public offer of securities in the United States.
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The securities are available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be available only to or will be engaged in only with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this document or any of its contents.
This announcement contains "forward-looking statements". Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as "will", "could", "may", "should", "expects", "intends", "prepares" or "targets" (including in their negative form or other variations). By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. All subsequent written or oral forward-looking statements attributable to the Company, or any persons acting on its behalf are expressly qualified in their entirety by the factors referred to above. No assurances can be given that the forward-looking statements in this document will be realised. Any forward-looking statements are made of the date of this announcement.
Subject to compliance with applicable law and regulations, neither the Company nor J.P. Morgan AG, Deutsche Bank Aktiengesellschaft, Jefferies GmbH and UniCredit Bank AG (together, the "Underwriters") nor their respective affiliates intend to update, review, revise or conform any forward-looking statement contained in this announcement to actual events or developments whether as a result of new information, future developments or otherwise, and do not undertake any obligation to do so.
This announcement does not purport to contain all information required to evaluate the Company and/or its financial position. Financial information in this announcement is unaudited and certain financial information (including percentages) has been rounded according to established commercial standards. Certain data relating to market volumes included in this announcement is sourced from third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the fairness, quality, accuracy, relevance, completeness or sufficiency of such data. Such research and estimates, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, the Company expressly disclaims any responsibility for, or liability in respect of, such information and undue reliance should not be placed on such data.
The Underwriters are acting exclusively for the Company and the selling shareholders and no-one else in connection with the planned IPO. They will not regard any other person as their respective clients in relation to the planned IPO and will not be responsible to anyone other than the Company and the selling shareholders for providing the protections afforded to its clients, nor for providing advice in relation to the offering, the contents of this announcement or any transaction, arrangement or other matter referred to herein.
In connection with the planned IPO, the Underwriters and their respective affiliates may take up a portion of the shares offered in the planned IPO as a principal position and in that capacity may retain, purchase, sell, offer to sell for their own accounts such shares and other securities of the Company or related investments in connection with the planned IPO or otherwise. In addition, the Underwriters and their respective affiliates may enter into financing arrangements (including swaps or contracts for differences) with investors in connection with which the Underwriters and their respective affiliates may from time to time acquire, hold or dispose of shares of the Company. The Underwriters do not intend to disclose the extent of any such investment or transactions, other than in accordance with any legal or regulatory obligations to do so.
None of the Underwriters or any of their respective directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this release (or whether any information has been omitted from the release) or any other information relating to the Company, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available, or for any loss howsoever arising from any use of this release or its contents or otherwise arising in connection therewith.
THIS DOCUMENT IS NOT A PROSPECTUS BUT AN ADVERTISEMENT AND INVESTORS SHOULD NOT SUBSCRIBE FOR OR PURCHASE ANY SHARES REFERRED TO IN THIS ADVERTISEMENT EXCEPT ON THE BASIS OF THE INFORMATION CONTAINED IN THE PROSPECTUS.
17.09.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||trans-o-flex Express GmbH|
|Phone:||+49 6201 988 0|
|EQS News ID:||1234050|
|End of News||DGAP News Service|