Seko Logistics has bought French forwarder Bansard International, its largest acquisition to date. Bansard had revenues of some €210m ($244m) in 2020, and although the size of the deal was undisclosed, a tentative enterprise value is likely to be about €200m. Seko, meanwhile, is thought to be keen to continue its acquisitive phase since Ridgemont Equity Partners invested in the company in December 2020, and the Bansard move was a “clear statement of intent” of Seko’s growth ambitions. Bansard has 55 offices in 17 countries, with some 600 staff focusing on retail/fashion, electronics, industrial, aerospace and pharma. Two years ago, it was said to be in talks with ASL Group to buy airline ASL France, which operated 19 Boeing 737s in the express market. However, Bansard is thought to have revised its offer downwards over concerns about profitability, a move which wasn’t received well by ASL. In the same year, Bansard bought Australian forwarder Cargo Line International.
Seko said Bansard’s customers would be able to grow their sales in the US and UK markets, while Seko would benefit from Bansard’s French operation and “strong Asia-Europe inbound air and ocean freight”. Bansard International is a perfect fit with our own business model as a mid-sized, independent, growth and technology-driven, client-obsessed organization. In Europe, this new investment adds to Seko’s strong presence in the UK, Ireland, the Netherlands, and Denmark and puts us on a rapid upward trajectory. This merger is a unique strategic opportunity that allows Bansard International to become a global player by covering new geographies, including the US, and by offering our customers innovative international transport solutions, especially for e-commerce.