Livingstone advised L.W. Cretschmar GmbH & Co. KG and its shareholders on the planned sale of the Düsseldorf based freight forwarding transport business and its associated property, which is subject to antitrust approval.
Rhenus Freight is planning to take over the freight forwarding business and property of L.W. Cretschmar, which has its headquarters in Düsseldorf, on 1 June. The takeover involves the customer and business relations associated with this part of the business as well as the employees working in the freight forwarding, customs and sales departments. The acquisition still has to be approved by the cartel authorities. The Rhenus Group is aiming to use this purchase to strengthen its market position in the Rhine/Ruhr region and guarantee stable operations in its current network structure.
“By taking over the freight forwarding activities of the Cretschmar Group in Düsseldorf, we’re expanding our market presence in the region and can particularly continue to develop our range of services for our customers. This also includes the chemical expertise that is available at both companies, which we’ll pool”, says Thilo Streck, Managing Director of Rhenus Road in Germany.
The long-standing Cretschmar family business generated turnover of EUR 103 million in 2018. Cretschmar is part of the System Alliance, Night Star Express and Kombiverkehr cooperation schemes. “It’s very important for us to safeguard reliable supplies for the major mid-sized cooperation schemes in the region in the long term”, Thilo Streck adds.
The Cretschmar Group will maintain its freight forwarding activities in Neuss, Leipzig and Stuttgart with its current managers and will continue to operate in the third-party logistics, night express, trade fair logistics, air and sea freight areas – at its business site in Düsseldorf too.
“Our decision to sell is the result of the ongoing process of consolidation in the freight forwarding market. We’re delighted to have found a purchaser in the Rhenus Group, which can offer our transferred employees good future prospects”, says Kay A. Espey, the Managing Partner of L.W. Cretschmar GmbH & Co. KG. “We want to focus even more strongly on expanding our other corporate activities, in particular third-party logistics, after the sale of our freight forwarding activities in Düsseldorf.”
The Rhenus Group is one of the leading logistics specialists with global operations and generates annual turnover of EUR 5.5 billion. Rhenus employs 33,000 people at 750 business sites. The Rhenus Group provides solutions for a wide variety of different sectors along the complete supply chain; they include multimodal transport operations, warehousing, customs clearance as well as innovative value-added services.
The Cretschmar Group is an owner-managed freight forwarding and logistics group with international operations, an extensive range of services and six subsidiaries in all with business sites in Düsseldorf, Neuss, Leipzig und Stuttgart. It employs about 480 workers. Founded in Düsseldorf in 1836, the company now provides break bulk general cargo operations, part and complete loads, third-party logistics, night express services, trade fair logistics, air and sea freight as well as customs services. It particularly caters for the special needs of the chemical sector.
“I would like thank our M&A advisors, Dr Nowak and Mr Dorsemagen, who have accompanied us with a very high level of personal commitment and professionalism. Livingstone has complemented our entire team of advisors very well and efficiently,” said Kay A. Espey.
“We are delighted to have helped Cretschmar finding a good new home for its Düsseldorf based freight forwarding activities within Rhenus Freight and to be able to facilitate a transaction.” Dr Ralf Nowak, partner at Livingstone in Düsseldorf, added.
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- I would like thank our M&A advisors, Dr Nowak and Mr Dorsemagen, who have accompanied us with a very high level of personal commitment and professionalism. Livingstone has complemented our entire team of advisors very well and efficiently.Kay A. Espey, Managing Partner, L.W. Cretschmar GmbH & Co. KG