Barclays acquires IN tIME Express Logistik from ECM

Diana Petrowicz
30 August 2011

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Barclays Private Equity has bought IN tIME Express Logistik from ECM Equity Capital Management.

The investor plans to strengthen the firm's market position and expand into Europe through strategic add-on acquisitions.

The investment was made from the Barclays Private Equity European Fund III, which has €2.45bn under management.

Debt
A debt facility was provided by NIBC, Bayrische Landesbank, HSH and Investkredit Bank.

Previous funding
In June 2007, ECM acquired IN tIME through its German Equity Partners III fund from private owners for an amount between €25-50m. A debt structure for the transaction was provided by Investkredit.

When ECM bought IN tIME in 2007, 90% of its customers were from the automotive industry. Since then the firm has broadened its customer base into the fields of logistics and processing suppliers. During the holding, the company's turnover has increased from €45m in 2007 to €100m in 2010. Additionally IN tIME's staff has increased from 200 to 400 people.

In 2008, the business acquired its competitor RS Logistik based in Stuhr. The bolt-on acquisition enabled IN tIME to expand geographically and broaden its customer base.

Company
Based in Hannover, IN tIME is a provider of logistic services focused on customised solutions for the automotive and supplier industry.

The company was founded in 1983 as Direkt-Kuriere Schmidt & Busch and rebranded in 1987. In 2010, the firm had a turnover of €100m and currently employs 400 people at 20 facilities in Germany, Romania, the Czech Republic, Hungary and Sweden.

People
Michael H Bork, Oskar Schilcher and Alexis Milkovic managed the buyout for Barclays Private Equity. Axel Eichmeyer, Richard Gritsch and Florian Kähler worked on the transaction for ECM.

Advisers
Equity – KPMG, Christoph Kaiser (Financial due diligence); KPMG, Dr Sebastian Gocksch (Tax); AMR International, Oliver Runkel (Commercial due diligence); Pöllath + Partner, Andrea von Drygalski (Legal); Hengeler Müller, Alexander Rang (Debt).
Company – Corinius, Tilman Rückert, Patrick Binzel (Legal); Lincoln International, Friedrich Bieselt, Dirk Engelmann (Corporate finance).
Vendor – CMS, Martin Bell, Markus Rasner (Legal); Lincoln International, Friedrich Bieselt, Dirk Engelmann (Corporate finance); KPMG, Philip Pejic, Natalie Gibert (Financial due diligence); KPMG, Kevin Moran, Oiver-Georg Kinzel (Tax).