NTG Nordic Transport Group A/S (“NTG”) has entered into a share purchase agreement regarding the acquisition of 100% of the shares in Cargorange Sweden AB (“Cargorange”).
Cargorange, a freight forwarding company founded in 2003 in Helsingborg, Sweden, specialises in the corridors between Sweden and Continental Europe, most notably Germany and Benelux, and between Sweden and the UK. In the financial year ending 31 December 2020, Cargorange is expected to generate a revenue of approximately SEK 180 million and an EBIT of approximately SEK 7 million.
The successful development of Cargorange since inception in 2003 is based on an asset-light mindset and a closely-knit group of employees with a long track-record within the industry. The acquisition encompasses 18 employees, and the current owners and management of Cargorange will resign at closing, though supporting NTG with the integration for a certain period of time.
“I am happy to welcome Cargorange to NTG. We share the same asset-light mindset and perception of talented employees being an integral part of our DNA, and a key to success. The acquisition of Cargorange adds further scale to the Continental European operations in our Swedish entities, and it expands NTG’s offering to include traffics between Sweden and the UK. We look very much forward to welcoming Cargorange’s team of experienced employees to the group”, says Jesper Petersen, CEO of Road & Logistics at NTG.
After closing of the transaction, Cargorange will continue with its business as usual as a stand-alone subsidiary of NTG. The current Traffic Manager, Jonas Wallertoft, and controller, Joel Sjöblom, will assume the responsibilities as managing directors and continue to run the business in accordance with past practices.
“NTG and Cargorange are a perfect match as both companies share the same personal and professional values. With NTG as the future owner of Cargorange, the company and its employees will be able to continue its business as usual while benefitting from the network, knowledge, and scale embedded in a much larger group. Having built Cargorange from scratch, it means a lot to us that the future owner of Cargorange will support the company and employees in their future endeavours”, says Magnus Johnson, co-owner and co-CEO of Cargorange.
Signing of the transaction occurred today, 19 January 2021, and closing of the transaction is expected during Q1 2021 subject to approval by the relevant competition authorities.