28 June 2016 – Expansión
The multinational logistics space management company ID Logistics has purchased Logiters, manager of logistics surface areas and owner of warehouses in Spain and Portugal. The company, which was owned by the private equity fund Corpfin Capital, has been valued at €85 million.
Logiters manages 50 logistics warehouses, with capacity of more than 750,000 sqm, spread across different locations in Spain and Portugal. In 2015, it recorded revenues of €250 million and closed the year with a workforce of 3,300 employees.
The aim of ID Logistics is to strengthen its presence in these two markets, as well as to grow in the sectors in which Logiters is very specialised, such as pharmaceutical and automotive logistics.
Following this acquisition, ID Logistics also strengthens its position in Europe, which accounts for 82% of its business. The operation is subject to approval by Spain’s National Commission for Markets and Competition.
ID Logistics owns more than 200 platforms across fourteen countries, representing a combined warehouse surface area of more than 4.3 million sqm in Europe, Latin America, Africa and Asia. The company employs 15,000 people in total.
Meanwhile, Corpfin Capital is an independent private equity firm that focuses on the local and international expansion of Spanish SMEs. It took control of Logiters two years ago.
According to Álvaro Olivares, Partner at Corpfin Capital, “over the last two years, we have accompanied Logiters through a major recovery process”. And he added that now, “under the management of ID Logistics, the company will be capable of realising its full growth potential”.
Original story: Expansión (by M. A.)
Translation: Carmel Drake