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Wednesday, April 17, 2024

Garrigues advises Transportes El Mosca on stake sale to Logista for €106m

Garrigues has advised Transportes El Mosca Logista, a Spanish company specialising in the transport and storage of goods, frozen and refrigerated refrigerated transport and large volume transport, mainly for the food industry on its sale of a 60% stake to Logista, one of the largest logistics operators in Southern Europe, for €106 million

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Logista, one of the largest logistics operators in Southern Europe, has announced the acquisition of 60% of Transportes El Mosca, a Spanish company specialising in the transport and storage of goods, frozen and refrigerated refrigerated transport and large volume transport, mainly for the food industry. In addition, Transportes El Mosca has established itself as a national and international maritime transport company, highly specialised in both dry and temperature-controlled goods.

Transportes El Mosca, a family company founded in 1936 and based in Molina de Segura (Murcia), has a fleet of more than 1,000 vehicles, employs around 1,100 workers, has a network of 12 national and international branches with more than 50,000 m2 of warehouses and recorded sales in 2021 of approximately 250 million euros and an EBITDA of around 25 million euros. More than 60% of turnover comes from international activity.

Transportes El Mosca offers national and international intermodal transport services by road, sea and air, as well as refrigerated, frozen or refrigerated transport. The fleet of vehicles helps to ensure the quality of the service, while providing flexibility to respond quickly to customer needs. At a time of increasing difficulty in accessing new fleet capacity, this transaction transforms Logista’s service offering.

Through this acquisition, Logista expands its portfolio of services by incorporating complementary temperature-controlled capabilities. For example, the maritime transport of refrigerated containers to the Balearic and Canary Islands or international markets, as well as a groupage service especially focused on the fruit and vegetable sector. Logista, already one of the largest Spanish transport companies, thus strengthens its position in national and international transport for the food and pharmaceutical industry and becomes the second largest operator in the temperature-controlled full truckload transport sector in Spain.

The combination of the two groups’ capacities will also enable them to generate synergies, mainly with Logista’s business lines dedicated to international full truckload transport (Logista Freight), by combining export and import quality flows.

The agreement includes the purchase of 60% of the Company’s share capital, to be paid with cash, for a maximum price of €106 million, depending on targets achieved, and the acquisition of the remaining 40% over the next three years. The net financial debt at the end of 2021 amounts to approximately €23 million. The transaction is expected to close around September/October 2022, once the necessary authorisations and approvals have been received from national and EU authorities.

Garrigues advised the buyers with a team made up of partners José Manuel Hernando and Francisco Sánchez Baeza, together with senior associates María Pedreño and Ana Carrillo.

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