NIBC advises Centraal Boekhuis in acquisition of 50% stake in FashionwheelsCorporate News -
CB (previously known as Centraal Boekhuis) was founded more than 140 years ago and is now the largest logistical service provider for the book sector in the Netherlands and Belgium. The company offers solutions ranging from logistics services, e-commerce logistics, financial services to information and communication services. CB has over 800 employees on its payroll and revenues of € 87 million in 2012.
After a strategic assessment in 2012, CB expressed the desire to expand and diversify its services beyond the media market to other new sectors. After a careful review, CB decided to focus on expanding into fashion and healthcare. CB expressed the ambition to generate a significant part of its revenues from new sectors by 2015.
CB Invited NIBC in the summer of 2012 to assist in the identification and approach of potential acquisition opportunities. NIBC’s M&A and TMS (Technology, Media & Services) team worked together with CB in identifying and subsequently approaching potential acquisition targets in both the fashion and healthcare sectors.
In the fall of 2012, Fashionwheels, a leading logistics provider in the fashion industry in the Benelux region, was approached. After initial discussions it became clear that CB and Fashionwheels were an excellent fit, as the two companies had similar ambitions for the expansion of their logistics services in the fashion sector.
On 28 October 2013, CB and Fashionwheels signed a letter of intent laying down their intention to enter into a far-reaching cooperation. Following in-depth negotiations and a thorough due diligence, on 7 January 2014 CB acquired a 50 percent stake in Fashionwheels, with NIBC assisting CB as its exclusive financial advisor on this strategic acquisition.
The far-reaching cooperation with Fashionwheels is a major boost to both CB's and Fashionwheels' ambitions to continue to grow in fashion logistics and makes the combined companies one of the leading players in fashion logistics in Western Europe. The joint venture enables CB and Fashionwheels to offer complete logistics solutions for the wholesale and retail markets in the area of warehousing, incoming and outgoing goods and e-commerce logistics. “We are delighted with this joint venture. It enables us to enhance our growth and fulfil our ambitions in the fashion market,” said Hans Willem Cortenraad, CB CEO.