Clearwater International Denmark has advised international transport and logistics provider Transcargo A/S. International Transport & Spedition (Transcargo), on its sale to transport solutions provider FREJA Transport & Logistics Holding A/S (FREJA).
FREJA delivers individually tailored transport solutions by land, sea and air. The group has approximately 600 employees and annual revenue of c. €320m.
Founded in 1994 and headquartered in Padburg, Denmark, Transcargo is a provider of transport solutions with a strong foothold in Eastern Europe. The company is well established in the temperature-controlled transport sector and is amongst market leaders on the transport routes from Denmark to Poland and Greece. Transcargo has approximately 140 employees and annual revenue of c.€65m.
Transcargo was owned by Founders Bjarne Sell Hansen and Henrik Jürgensen, CEO Torben Mortensen and a number of minor shareholders. Torben Mortensen will continue as branch manager in Padburg and as manager for the Polish company. Consequently, he joins FREJA’s group of directors. Henrik Jürgensen will continue his present job as traffic manager with focus on Greece. Torben Mortensen and Henrik Jürgensen will continue as shareholders in FREJA, while Bjarne Sell Hansen enters the board in the Polish company.
The Clearwater International team consisted of Partner John Jensen, Associate Partner Lars Rau Jacobsen, Associate Director Louise Kamp Nørbæk and Associate Jesper Pedersen.
Torben Mortensen, former owner and CEO, Transcargo commented: “The Clearwater team quickly understood not only our business and market, but also had the same understanding of what we were looking for in a suitable partner for growth. Their strong people and project management skills ensured that the process was both practical and rewarding, and that all stakeholders knew exactly what each next step would entail.”
Bjarne Sell Hansen, former owner, Transcargo said: “I can’t imagine having gone through this process without Clearwater by our side. The process has been instructive and exciting, but also emotional and tough at times. This was where the Clearwater team proved vital in driving the process with a professional approach, knowing precisely when motivation and guidance was needed.”
John Jensen, Partner,Clearwater International added: “After 23 years of continued growth, finding a new owner for Transcargo was the next natural step for the owners, and we are delighted to have advised on their sale to FREJA. These two entities combined will create a significant player in the Eastern European and Nordic transport markets. In this competitive market there is opportunity for strategic consolidation to help increase economies of scale and profitability. We look forward to seeing the synergies unfold in the new entity.”