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The American group Tosca has acquired the Flemish pallet specialist Contraload. According to our information, the price tag rises to more than 250 million euros. The investment funds Down2Earth and Gimv pass by the cash register.
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Contraload specializes in the rental of plastic pallets, containers for liquids and bulk and intermediate layers for stacking cans, bottles and beverage cartons on pallets. It is the European market leader in pooling those load carriers. Contraload rents them out, but also has them collected, cleaned, repaired and recycled. It manages almost 3 million. The customers of the Antwerp company include giants from the consumer goods sector such as Unilever and Nestlé.
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The company was founded 16 years ago by Sylvain Naets and Jesse Sels. In 2014 Down2Earth bought almost half of the shares. Two years later Gimv also stepped
in capital. The two are no strangers to each other: three of the four partners who founded Down2Earth (Alain Keppens, Peter Kloeck and Wouter Verlinden) are former Gimv employees.
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Internationalization
Contraload internationalized together with its two financial shareholders. It has offices in the United Kingdom, France, Italy, Poland, Spain and Turkey. In 2018 it bought its British sector colleague Packaging Logistic Services. Thanks to this takeover, the Antwerp company was able to broaden its range and get its hands on washing plants.
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That translated into an annual organic sales growth of 20 percent. When Down2Earth stepped in, Contraload recorded a turnover of 19 million euros. Last year it was 46 million. This year it is heading for 55 million. Contraload is particularly profitable with an expected gross operating profit (EBITDA) of around 20 million for 2020. Contraload has not deviated from the growth path to the corona crisis. “There have been peak times (March, June) and off-peak times (April, May) in recent months, but globally we have signed record numbers in recent months,” said CEO Jesse Sels.
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Track record
That track record was noticed by Contraload’s American sector colleague Tosca, a portfolio company of the investment fund Apax. After months of negotiating, Tosca is laying hands on the company from Aartselaar. The price tag will not be released. However, according to our information, Tosca is paying more than ten times the expected EBITDA of Contraload for this year. Read: Contraload is valued at more than 250 million euros in the deal (including debts).
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Contraload in five dates
2004: establishment.
2006: Dutch logistics group Kloosterboer becomes majority shareholder.
2014: Down2Earth buys out Kloosterboer.
2016: Gimv comes on board alongside Down2Earth and management.
2020: Tosca buys Contraload.
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Thanks to the takeover, Tosca is immediately taking a big step on the European market. And it completes its range: the American group works with retailers, while Contraload works with the suppliers of ingredients and packaging for the consumer companies. “We will serve both the last mile and the first mile,” Sels summarizes. With sales of over $ 300 million, Tosca is several sizes larger than Contraload.
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Down2Earth (30.2%), Gimv (32%), Jesse Sels and Sylvain Naets (who is no longer active in the company) sell their shares to the American group. Sels will remain CEO of Contraload and the management of Contraload will reinvest in the Tosca group. Sels becomes a director there. For Down2Earth it is the third particularly successful exit after the interim group Vio and the packaging group Conteyor.
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