Tank Containers
January/February 2016
BULKDISTRIBUTOR
Den Hartogh to buy
InterBulk
I
n one of the most significant mergers &
acquisitions in the tank container sector
of recent times, Den Hartogh Holding is
buying rival bulk logistics operator
InterBulk Group plc.
The boards of both companies reached an
agreement in December and recommended the
acquisition by Den Hartogh of the entire issued
share capital of InterBulk. The two operators say
they have complementary strengths and
geographical footprint. After completion, they will
together form the third biggest global logistics
provider for the chemical industry.
In last year’s ITCO annual fleet survey, Den
Hartogh had a fleet of 7,250 tank container units
as well as a significant road tanker fleet.
Interbulk Group’s fleet numbered 11,200 at that
time, although in its latest annual report published
at the start of 2016 this was stated at 10,900. A
small expansion of 200 tanks in the first half of
the last financial year was offset by the return of
some hired tanks later in the year.
Den Hartogh will offer shareholders 9 pence for
each InterBulk share. This represented a premium
to the closing share price on 22 December 2015
of 125 percent and a premium of 109 percent to
the average closing price over the past 12 months.
The transaction represents approximately £42.1
million (€57 million) for InterBulk’s entire issued
share capital. Including the net debt of £53.2
million the total enterprise value amounts to
£95.3 million.
The combined company will have almost 1,600
employees and a combined asset base of
approximately 25,800 liquid, gas and dry bulk
containers, 550 trucks, 400 road tankers, as well
as offices in 23 countries.
Family-owned Den Hartogh, headquartered in
Rotterdam, The Netherlands and led by third
generation family member Pieter d V