Team Global Express has appointed UBS in a broad-ranging advisory role – include defence strategies and canvassing preliminary inbound interest – two weeks after Street Talk first reported it was asking investment banks to pitch for the job after catching the attention of cashed-up overseas buyers.
Christine Holgate is chief executive of Team Global Express. James Brickwood
While it is still early days, the Allergo Funds-owned business has been performing strongly. Under Holgate’s leadership, top-line revenue growth rose 17 per cent to $2.815 billion in the last year. Underlying EBITDA increased by 44 per cent to $124.7 million, alongside operating cash flows of $108.5 million. Team Global Express, according to its latest accounts, has net liabilities of only $36 million and undrawn facilities of $158 million.
Team Global Express runs an intermodal logistics network, delivering goods ranging from vaccinations and medical supplies, online shopping orders and mining resources. It has a big fleet of trucks, planes and the like which were pitched with a $1 billion-plus replacement value during the sale process.
Allegro acquired Team Global Express from Japan Post two years ago, and was advised by Macquarie Capital during that transaction. As a part of that deal, Allegro vouched to put in $500 million of new capital including debt.
More to come
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