The Indian diagnosis group Allcargo Logistics is looking for an investor for its Antwerp subsidiary ECU Worldwide, a global player in the grouping of freight in containers.
The Antwerp ECU Worldwide claims to be the world market leader for the grouping of freight in containers, also known as groupage in the jargon of LCL, an abbreviation that stands for ‘less than container load’.
ECU was founded in Antwerp in 1987 by Raymond Van Achteren. Later, among others, the investment company Gimv and the bank ABN AMRO could discover in the company. But in the period 2005-2006, the Indian player Allcargo Logistics took over ECU in several steps.
More than 180 countries
Under Allcargo, the turbo was put on the growth of the Antwerp group. It has more than 3,500 employees and in the previous total (until the end of March 2021) of Allcargo Logistics, it was good for a turnover of almost 980 million euros, compared to about 1.2 billion for Allcargo as a whole.
ECU has more than 300 offices in more than 180 countries and is also active on behalf of LCL in FCL (full container load) – where the container does not have to be shared with other charterers – and freight transport by air. The main considerations are Vanguard Logistics and Shipco Transport, both from the US.
Bloomberg news agency now reports that Allcargo has been given the opportunity to make a stake in ECU worldwide. This could be a minority stake, according to Bloomberg sources, but also the majority. Allcargo is aiming for a deal that values ECU at approximately $1 billion (860 million euros).
Allcargo confirmed in a statement to the Mumbai Stock Exchange, where it is listed, that the investment bank has taken place to ‘receive the opportunities to raise funds’. It looks at private equity players of strategic investments looking to get into ECU Worldwide.
Jefferies’ appointment past as per the ECU statute notice and ambitions to grow digital freight handling. Any figures quoted by third parties are speculative’.
Shashi Kiran Shetty, the founder and CEO of Allcargo Logistics, had decided to abandon plans for his group’s stock market exit. Allcargo was announced last year. The turnaround has to do with the opposition of a number of shareholders to a delisting. Allcargo’s share price is at a record level.