Wallenius Wilhelmsen Acquires Keen Transport

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Wallenius Wilhelmsen Acquires Keen Transport


Category: Accounting / Financial

WWL ASA acquires Keen Transport, Inc. and becomes clear market leader in US High & Heavy Equipment Processing space

 Oslo, Norway, December 07th 2017 – Wallenius Wilhelmsen Logistics ASA has signed an agreement to acquire 100% of the shares in Keen Transport, Inc. from Platinum Equity for USD 64 million.

Keen operates 14 High & Heavy Equipment Processing Centers (EPC’s) and a specialty trucking entity in the US. With its 450 employees Keen provides value-added facility services, equipment modification, transportation and load consolidation for about 20 Original Equipment Manufacturers (OEMs). The company saw revenues of USD 82 million in 2016.

“With Keen as part of our Group we will become the clear market leader in the US H&H Equipment Processing space, positioning ourselves for the forecasted growth in this segment,” says Craig Jasienski, President and CEO of WWL ASA.

The acquisition is a strong fit strategically and operationally, yielding significant synergies. The increased footprint represents a unique opportunity to capitalize on the improving fundamentals of the mining and construction sector in the US, as well as substantiate a trend where more advanced work and services are performed at EPC’s – outsourced from OEM factories.

Source: 2wglobal