GCA Altium advises Fiege on the sale of its International Freight Forwarding business
Fiege, headquartered in Greven, Germany, is one of Europe’s leading logistics providers. Its competence lies particularly in the development and realisation of integrated supply chain systems, and it is considered a pioneer of contract logistics. In 2019, Fiege generated turnover of EUR 1.7 billion across 150 locations and with operations in 14 countries.
Fiege IFF has proven its high-performance capability in recent years – and in addition to its outstanding service for existing customers, the recent COVID-19 crisis and emergency logistics have underlined the scalability of the business unit.
Going forward, Fiege will focus on its core business in contract logistics, such as warehousing, fulfillment and road transportation, in order to tackle the upcoming opportunities of digitisation and automatisation, as well as a strong growth path in the e-commerce sector. Consequently, Fiege retained GCA Altium and KPMG to evaluate strategic options which concluded in the sale to global supply chain solutions leader AIT Worldwide Logistics, headquartered in Chicago, USA.
Fiege and AIT have agreed on a strategic alliance that will enable both parties to cooperate more closely and leverage each other’s businesses for the benefit of their customers.
“We are very enthusiastic about the deal, as the transaction enables the merge of two extremely complementary networks that will empower the previous Fiege Forwarding business to grow even further and opens extended services with an even larger network to our customers,” said Felix Fiege, CEO of the Fiege Group.
The transaction is expected to close by December 31 2020. Terms have not been disclosed.