Cobepa, Sofina exit Hillebrand in EUR 1.5bn trade sale

Harriet Matthews
18 August 2021

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Cobepa and Sofina have realised their investment in non-hazardous liquids transport and logistics business Hillebrand in a EUR 1.5bn trade sale to Deutsche Post DHL Group (DPDHL), ending a 15-year holding period for Cobepa.

Cobepa originally acquired a 40% stake in Hillebrand in November 2006.

Sofina and Cobepa acquired a 31.56% stake in the company from Japan-headquartered MOL Logistics in August 2016. Following the deal, Cobepa held a 55% stake in the company, while Sofina held a 20% stake. The Hillebrand family and the company's management held the remaining 25%.

The company rebranded from JF Hillebrand to Hillebrand in 2019. Cobepa held a 57.7% stake in Hillebrand as of December 2020, according to its latest annual report, while Sofina held a 20.9% stake, according to its website.

Unquote sister publication Mergermarket reported in April 2021 that information memorandums for the sale of Hillebrand were expected to be distributed in May. The company was expected to be marketed based on EBITDA of around EUR 120m-140m.

Under Cobepa and Sofina's ownership, the company made add-ons in Europe and Asia, including Singapore-based Pro Flex Packaging and UK-based Braid Logistics. In June 2021, the company acquired Portugal-based Unedecom with the aim of strengthening its presence in Iberia.

DPDHL is to wholly acquire Hillebrand and intends to fund the acquisition with available cash, according to a statement. Following the deal, Hillebrand will form part of the company's Global Forwarding and Freight division (DGFF).

Company
Founded in 1844 and headquartered in Mainz, Hillebrand specialises in freight forwarding for consumable liquids including wine, beer, spirits, and bulk industrial liquids.

Hillebrand employs 2,700 staff and posted revenues of EUR 1.4bn over the past 12 months, versus revenues of EUR 1.6bn in 2020. Hillebrand posted revenues of EUR 1.2bn in 2015, versus EUR 500m at the time of Cobepa's original investment. The firm employed 2,300 staff in 2016, versus 950 in 2006.

People
Cobepa – Felix Hauser (managing director).
Deutsche Post DHL Group – Frank Appel (CEO); Melanie Kreis (CFO).
Hillebrand – Cees van Gent (CEO, chairman).

Advisers
Vendor – Rothschild (corporate finance).