The London-based private equity firm Mid Europa Partners has acquired a 49.05% stake in the Central and Eastern European road freight operator Waberer’s. Waberer’s is largest road transport company in Hungary and one of the largest in Europe and generated revenue last year of €331 million, or $467 million.
Mid Europa Partners (“Mid Europa”), the largest private equity firm focused on Central and Eastern Europe announced today that it has signed an agreement to acquire a 49.05% stake in the leading CEE road freight transport company Waberer’s Holding Zrt. (“Waberer’s” or the “Company”) through acquisition of shares from Waberer’s founder and CEO, Mr. György Wáberer.
Subsequent to the acquisition of shares Mid Europa will effect a capital increase. Mr. Wáberer will continue to own the balance of the shares with an option to increase his ownership to the same level as Mid Europa. Mid Europa’s equity investment will significantly strengthen the capital base of Waberer’s and enable the Company to tap further funding in order to continue to acquire road transportation companies in Hungary and the surrounding countries.
Waberer’s is the largest road transport company in Hungary and one of the largest road freight transport companies in Europe, operating a fleet of 2,300 trucks and generating revenues of €331 million in 2010. The Company is well positioned to benefit from the strong growth potential of the European road freight market as a result of its modern fleet, regional coverage, low cost base and proven track record as a reliable partner for international blue chip companies and freight forwarders.
Craig Butcher, Senior Partner of Mid Europa and head of its Budapest Office, commented: “We are excited about Waberer’s opportunities in the fast growing and fragmented European road freight market and look forward to supporting Mr. Wáberer in further expanding Waberer’s operations, both organically and through acquisitions. Furthermore, we are pleased to be backing one of the leading independent Hungarian companies, while reaffirming our commitment to the domestic economy and belief in its prospects for economic recovery.”
György Wáberer, CEO of Waberer’s, said: “I believe that this transaction is an excellent opportunity to improve the future growth prospects of the Company. In the past decade we doubled our turnover and we hope to do so again in the future.”
The transaction is subject to customary closing conditions, including competition clearance.