Tuffieh Private Equity Fund will buy an 85% stake in Czech logistics firm CS Cargo, Reuters reported Friday. Financil terms of the deal were not released. CS Cardo hired JP Morgan last year to prepare it for a potential IPO.
(Reuters) – Tuffieh Private Equity Fund will buy a 85 percent stake in Czech logistics firm CS Cargo to help fund future growth, the cargo group said on Friday.
CS Cargo’s Czech owners will retain the remaining share of the company. Financial details of the transaction will not be released, CS Cargo said.
The logistics firm has expanded in recent years and hired J.P. Morgan last year to prepare it for a possible stock listing in the second half of this year.
CS Cargo, present mostly in central and eastern Europe, had turnover of 217.3 million euros in 2010, with earnings before interest, tax, depreciation and amortisation (EBITDA) of 19.2 million euros.
(Reporting by Jason Hovet; Editing by Will Waterman)