Today, A.P. Moller – Maersk (Maersk) has reached an agreement to acquire Martin Bencher Group, a Denmark-based project logistics company with capabilities within non-containerised project logistics. Maersk is setting up Maersk Project Logistics (MPL) as a solution-based global product.
“The addition of MPL to the pre-existing project logistics services, will allow us to strengthen our offering in project logistics, processes, quality management systems and licenses to fully enable the strategy plan and provide integrated solutions to customers.”
Additionally, the intended acquisition of Martin Bencher will further bolster Maersk’s logistic offering by providing the necessary experience, processes, quality management systems and licenses to fully enable this MPL product and provide integrated solutions to customers.
“Martin Bencher will be an excellent fit to 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 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.” Karsten Kildahl, Regional Managing Director in Europe of Maersk.
This will enable Maersk to provide more extensive end-to-end solutions for customers with complex supply chain management needs, requiring both containerised and non-containerised solutions.
“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.” Peter Thorsoe Jensen, CEO of Martin Bencher.
About the transaction
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.
*Assuming a USD exchange rate of 6.8027