BWB Partners makes first exit with SGL sale

SGL is BWB's first exit since rebranding from Odin Equity and recapping its funds. Local media reports the deal's EV to be around DKK 1.1bn, approximately 11x EBITDA.

The deal sees SGL's business partner in the US, TransGroup Worldwide Logistics, become substantial shareholders in the company by reinvesting in the newco, alongside AEA Investors.

BWB sold the company through an auction process run by Rothschild, in which the GP claims several trade buyers were involved.

For BWB, the sale of SGL brings to and end 10 years of ownership, having acquired a minority stake in the company pre-crisis.

Previous funding
Alongside TransGroup, BWB – then Odin Equity – acquired a stake in Scanam Transport in 2006 and merged it with Mahé Freight in 2007, giving the GP a 46% stake in the resulting Scan Global Logistics.

Company
Headquartered in Kastrup near Copenhagen, SGL is a freight forwarding provider.

It employs a staff of 800 across 19 countries and recorded EBITDA of DKK 109m before special items in 2015, from revenue of DKK 3.2bn.

People
BWB Partners – Esben Bay Jørgensen (partner).
AEA Investors – John Cozzi (partner).

Advisers
Vendor – Rothschild (corporate finance); AT Kearney (commercial due diligence); Accura (legal); EY (tax).

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• EY (Ernst & Young)
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