- The acquisition doubles Santa Fe Group’s revenue and significantly strengthens its position as a leading provider of moving, relocation and records management services in Asia, Australia, the Middle East and now Europe.
- An important move in the overall strategy of turning EAC’s two businesses into independent, listed companies.
- EAC will announce the updated outlook for 2011 in the H1 interim report 2011 which is published on 18 August 2011.
About the transaction
The Santa Fe Group, operating under the brands Santa Fe and WridgWays, has today completed the acquisition of Europe’s leading moving and relocation services company, Interdean International Relocation Group (the agreement was announced on 27 April 2011 in announcement no. 7/2011). The activities will be consolidated into EAC’s accounts as of 1 August 2011.
The Santa Fe Group acquires 100 per cent of Interdean’s share capital at a total price of EUR 65m corresponding to DKK 485m on a cash and debt free basis. The acquisition is financed through a combination of equity and debt.
Management comments – EAC President & CEO Niels Henrik Jensen:
“During the acquisition process we have gained further insight into the strength and competencies of the Interdean team which bode well for a swift and seamless integration with the Santa Fe Group. We have formed a unique strategic platform for continued organic expansion and value creation.
In less than one year we have doubled the size of this business twice resulting in a significantly increased geographical span of our operations and a solid foundation for improving the overall profitability. The businesses are a perfect fit with complementary geographies and common customer-oriented values. We expect to be able to drive significant sales synergies by leveraging the Santa Fe Group’s sophisticated service solutions and concepts just as Interdean’s large customer base among corporate headquarters across Europe provides an excellent basis for continued business development.
With this, we are well underway towards our goal of growing the Santa Fe Group into a leading international moving and relocation powerhouse, which in its own right is attractive to international investors.”
About Interdean
Headquartered in the UK, Interdean was established in 1959. Interdean operates from 48 relocation service centres and employs 1,200 service staff in 35 countries across Europe (including Russia) and Central Asia.
In 2010, Interdean produced total revenue of EUR 145m (DKK 1,081m) and an EBITDA of around EUR 7.0m (DKK 52m).
About Santa Fe Group
The Santa Fe Group – operating under the brands of Santa Fe and WridgWays – holds a market-leading position in Asia and Australia with 72 offices in 15 countries and more than 1,950 employees, and it handles in excess of 64,000 moves annually. The business operates with a strong focus on customers, quality and results providing a broad range of value-added service offerings within moving, relocation and records management to corporate and individual customers in Asia, Australia and the Middle East – and to the rest of the world through a global network of partners.
Yours sincerely,
The East Asiatic Company Ltd. A/S
For additional information, please contact:
President & CEO Niels Henrik Jensen
+45 3525 4300
Group CFO Michael Østerlund Madsen
+45 3525 4300
