Private equity firm 3i has exited its 28.5% stake in French transport and logisitcs business Transports Alloin to Swiss logistics giant Kühne + Nagel.
In 2006, 3i took a 28.5% stake in the family-owned business based in Villefranche-sur-Saône, near Lyon. The family owners alongside management held the balance.
Under 3i, turnover grew by nearly 50% to almost €300m.
“Expanding our overland logistics business in France is essential to our European development and Alloin gives us a strong position in that important economic area,” said Xavier Urbain, a member of Kühne + Nagel’s executive committee.
This transaction remains subject to the approval of the EU competition authorities, expected at the beginning of 2009.
Source: Thomson Merger News