HSF LOGISTICS GROUP acquired by DFDS

DFDS acquired HSF Logistics Group from its owners in a transaction that closed on 14 September 2021, following an agreement signed in January 2021. The enterprise value of the transaction was DKK2.5B, representing an EV/EBITDA multiple of . HSF Logistics Group reported revenue of and an EBITDA of , with an EBITDA margin of . The company operated around 700 trucks and 1,700 reefer trailers from 22 locations across Europe, including the Netherlands, Germany, Denmark and an office in China, and employed approximately 1,800 people. The acquisition aligned with DFDS' Win23 strategy of growing solutions to select industries, particularly cold chain logistics. The EU Commission approved the transaction on 6 September 2021. Martin Gade Gregersen, former CEO of HSF Logistics Group, was appointed Head of Cold Chain in DFDS and became a member of DFDS' Executive Management Team. The integration plan covered commercial, operations, procurement, IT and business support areas, with annual synergies targeted at around DKK 75m and full run-rate impact from the end of 2023. The majority of integration was expected within a year, except for IT integration. No material integration costs were expected. Following the acquisition, DFDS' Logistics Division was reorganised into Dry Goods and Cold Chain business areas, with HSF's cold chain activities merged into DFDS' cold chain operations.