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Fully underwritten rights offer will assist with funding of the acquisition
Super Group has concluded an agreement to acquire a 75.0% interest in the share capital of Telo Zwei Vermögensverwaltung GmbH (Telo Zwei), the holding company owning 100.0% of IN tIME Holding GmbH (IN tIME), from certain funds managed by Equistone Partners Europe Limited for a total enterprise valuation of €153.5 million.
Super Group proposes a fully underwritten rights offer to assist with the funding of the acquisition. Super Group has entered into an underwriting agreement with Investec Bank Limited in respect of the proposed rights offer.
Super Group is a broad-based supply chain management business listed on the Johannesburg Securities Exchange. Super Group’s supply chain division provides a platform for the Group’s core expertise and offerings. This expertise is applied into vertically integrated divisions covering vehicle dealerships and fleet management.
IN tIME, headquartered in Germany with 20 operating branches across Germany, Sweden, Hungary, Romania, the Czech Republic and Poland, operates in the niche logistics sector of time-critical delivery services, across 18 countries in Europe, servicing the automotive, electronics, hazardous goods, life sciences, pharmaceutical, temperature controlled, emergency blood and medical service industries. IN tIME has developed proprietary dispatching software which optimises transport capacity utilisation in order to provide point-to-point services.
The investment in IN tIME will be held via Bluefin Investments, a wholly-owned subsidiary of Super Group, which is registered in Mauritius. The remaining 25.0% interest in the shares of Telo Zwei continues to be held by the management team of IN tIME, alongside Super Group’s proposed 75.0% interest.
The total purchase consideration payable for the acquisition of €153.5 million will be funded by a €79.2 million cash contribution from Super Group comprising €48.9 million for the 75.0% equity interest and a €30.3 million shareholder loan. Super Group has already entered into binding debt facilities (term loans) with three European banks to the amount of €58.0 million. The management of IN tIME will make a €16.3 million equity contribution for their 25.0% interest via the contribution of their shares in Telo Zwei.