CTL Logistics (Poland) - Nov 2007

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01 November 2007

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Bridgepoint has acquired CTL Logistics, a private rail logistics company and one of the largest private rail operators in Europe, from its founders. The transaction value exceeded €300m.

Debt

Debt was provided by ING and Commerzbank. The debt-equity ratio was described as standard by the investors.

Company

Founded in 1992, CTL Logistics provides rail transportation, freight forwarding, siding management and waste disposal services through its own asset base. The company has a special focus on coal and coke, fuels and oil, chemicals, construction materials and steel. It employs more than 2,500 staff and had revenues of PLN 1,112m (€285m) in 2006. Pawluk will remain as a significant minority shareholder and will join the company’s supervisory board. The rail freight market is a growing part of the land freight industry in Europe where annual growth rates in volume and value are predicted to exceed 4% and 5% per annum respectively for the next five years. The Polish rail freight market is the second-largest in Europe due to the country’s dominant market position in coal production and its strategic position as an East-West rail corridor. CTL has a non-stop cross-border service between Poland and Germany.

People

Khai Tan is responsible for Bridgepoint’s investment activities in Central and Eastern Europe. Jaroslaw Pawluk is the founder of CTL Logistics.

Advisers

Equity - Aon Mergers and Acquisitions Group, (Insurance Due Diligence)Equity - Clifford Chance LLP, (Legal)Equity - DTZ, (Other Consulting)Equity - ERM, (Environmental Due Diligence)Equity - Ernst & Young, (Financial Due Diligence)Equity - Ernst & Young, (Tax)Equity - Interfleet, (Technical/IT AdviceUnspecified)Equity - LEK, (Commercial Due Diligence)Equity - Rothschild, (Corporate Finance)Vendor - Credit Suisse, (Financial Due Diligence)Vendor - Igor Chalupec, (Other Consulting)Vendor - Nowakowski I Wspólnicy, (Legal)Vendor - Tigges Rechtsanwaelte, (Tax)Vendor - Weil Gotshal & Manges, (Legal)