Wincanton acquired by CEVA Logistics in multi-million pound deal

Wincanton is to be bought by French multinational CEVA Logistics – part of the CMA CGM group – in a deal worth $719 million (£567m).

Wincanton’s board will recommend shareholders accept the CMA CGM subsidiary’s cash offer of £4.50 per share – a 52% premium on the trading price.

The official offer document says that the deal “represents an attractive growth opportunity that is in line with CEVA’s expansion strategy”.

It also described it as “a unique opportunity to expand CEVA’s offering in the UK, and to acquire complementary grocery and consumer expertise”.

CEVA currently serves more than 420 ports across the globe and boasts revenues of around £12.6 billion.

CMA CGM CEO, Rodolphe Saade, said: “Wincanton’s renowned expertise in designing supply chain solutions for customers in the retail, grocery, e-commerce, construction, infrastructure, energy and defence sectors would enable Ceva to further diversify its contract logistics customer base.

“Bringing together the two entities would strengthen the CMA CGM Group’s footprint in the United Kingdom and Ireland, while also paving the way for new opportunities and more innovative product offerings.”

James Wroath, CEO of Wincanton, said he was "incredibly proud" of the progress Wincanton has made over the past four years, thanks to our great people and customers.

He added: “We’ve strengthened our business and ensured that we’re at the forefront of logistics innovation.

“This offer will enable Wincanton to continue and accelerate the progress that has been made, providing an excellent partner with the balance sheet strength that will allow the pursuit of both existing and new growth opportunities.

“CMA CGM’s strong track record of investing in its people and its commitment to its customers means that we are confident this offer will deliver benefits for all of our stakeholders.”