Imperial Holdings to buy German logistics firm Lehnkering for $366 million
01 Oct 2011
South African Logistics group Imperial Holdings is set to acquire German chemicals and steel logistics services firm Lehnkering, from Lukas Sweden AB and management, for €270 million ($366 million).
Imperial will pay €173 million and will assume Lehnkering's debt of €97 million, taking the total deal size to €270 million.
Based in Duisburg, Germany, Lehnkering operates in similar lines to that of Imperial's European logistics business. It is one of Europe's leading logistics specialist companies that serve the chemical, agricultural, petrochemical and steel industries.
It also offers inland waterway shipping of gas, liquid and dry bulk cargo, road transportation, warehousing and distribution services across Central and North Western Europe.
Starting out as a Chrysler dealer in 1946, Johannesburg-based Imperial is now a diversified industrial services and retail group with activities spanning logistics, car rental, tourism, financial services, vehicle distribution and retail. It has its operations in South Africa, Africa, Europe and Australia.
It has 500 vessels in Europe with 1 million tonnes load capacity, warehousing capacity of over 1,300,000 sq mts and boasts of one in every three car rental transaction in South Africa done through its car rental unit.