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German logistics firm Trans-o-Flex set to expand in Europe

·2-min read

HAMM, Germany (Reuters) - German logistics group Trans-o-Flex, which sources say is preparing a Frankfurt listing as early as next month, wants to boost growth by expanding into neighbouring countries, its chief executive said on Wednesday.

Sources close to the matter said in June that Trans-o-Flex was preparing to list on the Frankfurt stock exchange in a deal that could value it at roughly 1 billion euros ($1.17 billion).

"I want to drive internationalisation within Europe," CEO Wolfgang Albeck, a former Deutsche Post manager, told Reuters in an interview.

He declined to comment on plans for a possible stock exchange listing.

Trans-o-flex specialises in transport services for the pharmaceutical, cosmetics and consumer electronic industries, with transport of pharmaceutical products - like coronavirus vaccines - accounting for around 60% of its turnover.

The company expects the market will grow by almost a quarter by 2025 in Germany and Austria, where it is currently active. Albeck turned the company around after Bavarian logistics entrepreneurs Christoph Schoeller and Peter Amberger - who had owned the company in the 1990s - bought it back from Austrian Post in 2017.

In the first six months of the year, Trans-o-flex increased turnover by almost 5% to 264 million euros, while adjusted operating profit grew by 4% to 31 million euros.

Albeck said Schoeller and Amberger are long-term oriented owners, adding that he has also just extended his contract until 2024.

The CEO said the group does not plan to compete with industry giants such as DHL, DPD or UPS, but to concentrate on transport of sensitive or high-value goods, from flat screens to artificial heart valves that have to arrive at the operating theatre on time.

"What we do, a normal parcel service cannot do," he said.

($1 = 0.8517 euros)

(Reporting by Alexander Huebner; Writing by Emma Thomasson; Editing by Jan Harvey)

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