Air Freight and Logistics
Company Overview of CEVA Group Plc
CEVA Group Plc designs, implements, and operates supply chain management solutions for multinational, and large and medium sized companies worldwide. The company operates in two segments, Freight Management and Contract Logistics. Its Freight Management services comprise air freight, ocean freight, and ground transportation; customs brokerage, project forwarding, and order assembling services, as well as in-plant solutions; and drayage, warehousing, documentation, and information services. The company’s Contract Logistics services include aftermarket, inbound, lead, manufacturing, and outbound logistics. It also offers consulting and solutions design services; final mile and integrated suppl...
20-22 Bedford Row
London, WC1R 4JS
Founded in 1946
Key Executives for CEVA Group Plc
Chairman and Chief Executive Officer
President of Southern Europe
President of America Operations
Compensation as of Fiscal Year 2013.
CEVA Group Plc Key Developments
CEVA Group Plc Reports Earnings Results for the First Quarter Ended March 31, 2013
May 21 13
CEVA Group Plc reported earnings results for the first quarter ended March 31, 2013. The company reported adjusted EBITDA1 of €31 million for the three months ended 31 March 2013, down from €66 million in first quarter 2012. Excluding the 2012 impact from divested businesses, adjusted EBITDA for the first quarter 2012 would have been €57 million. Results were impacted by a variety of factors, including overall soft global logistics markets; the loss of Airfreight volume as some businesses transitioned to Ocean transport; the exposure to Eurozone markets; and underperforming CL contracts, which the company addressed in a large manner in the quarter. During the first quarter 2013, the company completed the sale of its Pallecon Container business for approximately €135 million. Revenues decreased by 6.3% to €1,604 million for the three months ended 31 March 2013 compared to €1,712 million for the three months ended 31 March 2012.
CEVA Group Plc Announces Final Results and Expected Successful Completion of Private Exchange Offers
May 2 13
CEVA Group Plc announced the final results and expected successful completion of the previously announced private exchange offers and consent solicitations for CEVA's debt securities made pursuant to a Confidential Offering Memorandum, Consent Solicitation and Disclosure Statement dated 3 April 2013. The Exchange Offers expired at 5:00 p.m., New York City time, on 1 May, 2013. CEVA expects that the closing of the Exchange Offers will occur on 2 May 2013. The Exchange Offers and the Consent Solicitations were conducted in connection with CEVA's previously announced financial recapitalization plan to reduce substantially CEVA's overall debt and interest costs, as well as increase liquidity and strengthen its capital structure (the "Recapitalization"). The Recapitalization will enable CEVA to better serve its customers, accelerate its growth throughout the world and fund the development of new supply chain products and services. Through the Recapitalization, the Company has reduced its consolidated net debt by approximately EUR 1.3 billion, reduced its cash interest expense by over EUR 130 million and the Company has received cumulative new capital commitments of over EUR 230 million for investment in its business plan. As of 5:00 p.m., New York City time, on 1 May 2013, valid tenders had been received from (i) approximately $688.9 million in aggregate principal amount of CEVA's 11.5% Junior Priority Secured Notes due 2018, (ii) approximately $577.1 million in aggregate principal amount of CEVA's 12.75% Senior Notes due 2020, (iii) approximately $113 million in aggregate principal amount of CEVA's Senior Unsecured Bridge Loans and (iv) approximately EUR 5.9 million in aggregate principal amount of CEVA's 12% Second-Priority Senior Secured Notes due 2014. Accordingly, eligible holders of approximately 96% of the aggregate principal amount of the Second Lien Notes and Senior Unsecured Debt agreed to the terms of the Exchange Offers and exchanged their debt of CEVA for new preferred and common equity interests of Ceva Holdings LLC, which is now the parent company of CEVA.
CEVA Group plc Announces Commencement of Consent Solicitations in Connection with Recapitalization
Apr 5 13
CEVA Group Plc announced that it has commenced consent solicitations for certain outstanding debt securities in connection with its previously announced financial recapitalization plan that will reduce substantially CEVA's overall debt and interest costs, as well as increase liquidity and strengthen its capital structure. The Recap will enable CEVA to better serve its customers, accelerate its growth throughout the world and fund the development of new supply chain products and services. Assuming successful completion of the Recapitalization, the company will reduce its consolidated net debt by more than €1.2 billion, reduce its annual cash interest expense by over €135 million, or approximately 50%, and will receive a capital infusion of at least €205 million for investment in its business plan. As previously reported on 3 April, CEVA and parties representing approximately 83% of the aggregate outstanding principal amount of the 12.75% Senior Notes due 2020, the 12% Second-Priority Senior Secured Notes due 2014 and $113 million Senior Unsecured Bridge Loan and 69% of the outstanding principal amount of the 11.5% Junior Priority Secured Notes due 2018 entered into a restructuring support agreement in connection with the Recapitalization. The RSA provides, subject to the satisfaction of certain conditions, for commitments to invest more than €205 million by three parties, consisting of investment funds affiliated with Apollo Global Management, LLC that are creditors of CEVA certain funds advised by Capital Research and Management Company that are creditors of CEVA.
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May 2, 2013