WWL ASA acquires Keen Transport, Inc.
Oslo, Norway, December 07th 2017
Wallenius Wilhelmsen Logistics ASA has signed an agreement to acquire 100% of the shares in Keen Transport, Inc. from Platinum Equity for USD 64 million.
Keen operates 14 High & Heavy Equipment Processing Centers (EPC's) and a specialty trucking entity in the US. With its 450 employees Keen provides value-added facility services, equipment modification, transportation and load consolidation for about 20 Original Equipment Manufacturers (OEMs). The company saw revenues of USD 82 million and earnings (EBITDA) of USD 10 million in 2016.
"With Keen as part of our Group we will become the clear market leader in the US H&H Equipment Processing space, positioning ourselves for the forecasted growth in this segment," says Craig Jasienski, President and CEO of WWL ASA.
The acquisition is a strong fit strategically and operationally, yielding significant synergies. The increased footprint represents a unique opportunity to capitalize on the improving fundamentals of the mining and construction sector in the US, as well as substantiate a trend where more advanced work and services are performed at EPC's - outsourced from OEM factories.
The transaction will be financed through existing credit facilities.
About Wallenius Wilhelmsen Logistics ASA Wallenius Wilhelmsen Logistics ASA is a global logistics operator serving the manufacturing industry with special focus on vehicles, mining and construction equipment and machinery. The company brings together the shipping and logistics businesses of EUKOR Car Carriers, WWL AS and American RoRo Carriers. For more information see www.walleniuswilhelmsen.com
About Keen Transport, Inc. Keen Transport, Inc. operates 14 High & Heavy Equipment Processing Centers (EPC's) and a specialty trucking entity in the US. With its 450 employees Keen provide value-added facility services, equipment modification, transportation and load consolidation for about 20 Original Equipment Manufacturers (OEMs). For more information see http://www.keentransport.com/
For further information, contact Wallenius Wilhelmsen Logistics:
Bjornar Bukholm, VP, Head of Corporate Finance and Strategy & IRO Tel: +47 980 72 778 email: email@example.com
Anna Larsson, Head of Corporate Communication & CSR Tel: +47 484 06 919 (mob) email: firstname.lastname@example.org