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Equity's the word as Hays gets 1 02m
Page 6
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DESPITE RUMOURS of bids from Exel, Tibbet & Britten and Deutsche Post, the bulk of Hays Logistics has been sold to US private equity group Los Angeles Platinum Equity (LAPE) for £102m.
The sale is expected to be completed early next year. although Hays has decided to retain "certain properties in the UK, France and Benelux along with its German logistics and US Home Delivery businesses". Hays expects the sale of these properties, believed to include its mail and express service, to raise fl 00m.
"We are absolutely delighted to acquire this business," says LAPE chief executive and chairmanTom Gores. "It will be a cornerstone company as we grow in the supply chain and logistics market space."
The management of Hays Logistics will continue to run the company but executive director Xavier Urbain will resign from the board. The new business will be renamed.
A spokesman for one of Hays' major customers, brewers Scottish Courage, says: "We are pleased that this transaction brings to an end the uncertainty for Hays personnel over its future ownership.
"We look forward to understanding how the new owners and Scottish Courage can build on their existing relationship. In the meantime it's business as usual." he says.