Mid Europa sells minority stake in listed Waberer's

Harriet Matthews
19 October 2020

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Mid Europa Partners has sold a 24% stake in Hungary-based freight and logistics business Waberer's International to real estate investment and development business Indotek.

The deal is expected to close by Q1 2021.

Mid Europa has also granted a call option to Indotek regarding the GP's remaining 47.99% stake in the business.

Unquote sister publication Mergermarket reported in July 2020 that Mid Europa was planning to sell its whole stake in the company, as opposed to selling the group piecemeal, having mandated Rothschild to explore options in March.

Waberer's listed on the Budapest stock exchange in July 2017 in an IPO that valued the business at €300m. The company also raised €50m in fresh capital, facilitating the bolt-on of Poland-based Link Services. Mid Europa retained a majority stake in the business following the IPO.

Previous funding
Mid Europa Partners acquired a 49.5% stake in Waberer's in March 2011, increasing its share to 56.8% in May 2011 after a €12m capital increase. In June 2016, Mid Europa acquired the stake in the business held by Waberer's founder and CEO György Wáberer. The GP held a stake of 97.1% in the business prior to the IPO.

Company
Waberer's provides logistics and freight services, specialising in international full truckload (FTL) transportation. Headquartered in Budapest, the company employs 7,500 people and has a fleet of 2,700 vehicles, according to its website.

Waberer's generated revenues of €572.2m and EBITDA of €69.2m in 2016, at the time of its IPO. In 2019, the business reported €696m in revenues. This figure represented a drop of 5% on its 2018 revenues, with the company citing pressures including Brexit and the general economic slowdown in Europe.

People
Waberer's International – Barna Erdélyi (CEO).
Mid Europa Partners – Robert Knorr (partner, CEO); Bence Horváth (investment executive); Aleksandar Dragicevic (investment executive).
Indotek – Dániel Jellinek (CEO).

Advisers
Vendor – Rothschild (corporate finance).
Acquirer – White & Case (legal); Lakatos (legal); Köves és Társai (legal); EY (financial due diligence).