Posted February 23, 2020
A.P. Moller – Marsk is bolsterings its logistics and services with the acquisition of Performance Team, a US-based warehousing and distribution company.
The value of the transaction is USD 545 million including lease liabilities of around USD 225 million.
Performance Team specializes in B2B and B2C distribution solutions within retail, wholesale and e-commerce with 24 warehousing sites.
It has a track record of profitable growth of 17 percent per year for the last four years, and revenue for 2019 of USD 525m.
“With this acquisition, we invest in premium operational capabilities to significantly boost our existing warehousing & distribution offering,” said Vincent Clerc, CEO of Ocean & Logistics at A.P. Moller – Maersk.
“With its strong platform, Performance Team is a good match for A.P. Moller – Maersk as they complement our current warehousing & distribution proposition to customers in North America and will enable future growth.”
The acquisition is aimed at complementing Maersk’s presence in North America’s warehousing & distribution market.
Namely, Maersk Warehousing & Distribution is based in South Gate, California and has a regional network of 20+ facilities located in the United States and Canada.
Maersk believes that there is a significant growth opportunity for 3rd party warehousing & distribution players as only a small part of the warehousing & distribution sector in North America is currently outsourced and e-commerce is growing 12% annually, according to Transport Intelligence (2019), Global Contract Logistics.
“Joining a global container logistics leader like A.P. Moller – Maersk is the ideal fit for Performance Team’s future growth, our customers and associates. Maersk has a significant presence here in the US. They have a continuous improvement mindset like ours and together we can clearly deliver attractive logistics solutions that make our customers more competitive while ensuring our employees grow with the business,” said Craig Kaplan, CEO of Performance Team – who will remain CEO of Performance Team once the transaction closes.
The acquisition is subject to regulatory approvals and the transaction is expected to close by April 1, 2020. Until then Maersk and Performance Team remain two separate companies.