Deal Summary
Globex, a provider of express courier, freight, transit, and storage solutions in Morocco, Senegal and Cameroon under the Fedex brand, has completed the 100% acquisition of Logic Transport, a leading player in the Moroccan transport and logistics sector. The deal is part-financed by Amethis, which owns a 30.5% minority stake in Globex acquired through its Amethis MENA Fund II. Globex was founded in 1998 and is based in Casablanca, Morocco. Globex, controlled by Omar El Kadiri's investment company Goldfin Holding is strengthening its position in freight transport and logistics management as the sole license holder of FedEx Express and FedEx Logistics in the 3 African countries. The Moroccan Competition Authority originally approved the deal in June 2024, and it was completed in October.
Terms:
- Buyer: Globex Investissement SA
- Fund: Amethis MENA Fund II
- Deal Type: Buyout
- Target Company: Logic Transport
- Target Price: Undisclosed
- Target Revenue: 150m MAD ($15m)
Deal Rationale
The transaction comes nearly two years after Amethis invested in Globex. In December 2022, Amethis acquired a minority position to support Globex in identifying growth drivers to consolidate its position in Morocco. Founded in the 1930s by the Andreani family, Logic Transport is a leading family-owned road transport company. It also operates in the transit, container management, handling and warehousing sectors. Its expertise in road transport complements Globex's services, which should allow Globex to strengthen its position in the Moroccan market and beyond. It comes at a time when the Moroccan freight and logistics market is seeing the arrival of new competitors.
- Market Opportunity: The Moroccan logistics sector is projected to grow from $22.59 billion in 2024 to $30.38 billion by 2029, reflecting a CAGR of 6.11% during this period. By integrating Logic Transport’s resources, Globex can optimise its logistics operations while expanding its reach across Morocco and Europe. Logic Transport's established reputation and operational capabilities will enable Globex to provide comprehensive solutions, including freight management and container handling. The acquisition is particularly significant, allowing Globex to expand its logistics platform beyond its organic growth with a deeply experienced partner. This strategic move not only positions Globex for profitability but also aligns with its commitment to sustainable development by focusing on reducing the carbon footprint of its operations through optimised logistics practices.
About the Fund Manager
Amethis Investment Fund Manager S.A. was founded in 2012 and is based in Paris, France, with additional offices in Nairobi, Kenya; Leudelange, Luxembourg; Abidjan, Ivory Coast; Luxembourg, Luxembourg; Cairo, Egypt; and Casablanca, Morocco. Founded by Luc Rigouzzo and Laurent Demey and a member of Edmond de Rothschild Private Equity Partnership, Amethis is an impact-oriented private equity firm. It has raised over €1.2 billion since 2012 across 8 funds.
Amethis focuses on investing in majority or minority stakes in companies delivering quality goods and services in Africa, focusing on sectors such as healthcare, B2B, industry, consumer goods, non-bank financial services, and services linked to energy and infrastructure. It also supports high-potential companies in North Africa and the MENA region. It requires the target company to make between €5-€40 million in sales with a deal size range of €5-€15m.
Amethis is seeking capital for Amethis Fund III, a $450m fund launched in 2023. It currently deploys from its Amethis European Expansion and Amethis MENA Fund II.
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