Brambles Limited (ASX:BXB) signed a sale and purchase agreement to acquire Ceva Materials Handling Pty. Ltd. from Ceva Logistics (Australia) Pty. Ltd. for approximately €140 million on December 16, 2012. Brambles will fund the acquisition from existing bank borrowing facilities. Pallecon generated sales revenue of €53 million in the 12 months ended September 30, 2012. Pallecon’s EBITDA and EBIT margins averaged 33% and 18% respectively over the same period. The transaction ... price represents a multiple of 7.4 times Pallecon’s EBITDA and 11.8 times its EBIT for the 12 months ended September 30, 2012. Brambles funded the acquisition from existing bank borrowing facilities. Pallecon’s existing senior management team agreed with Brambles to remain with the business under Brambles’ ownership. The acquisition is subject to customary conditions which are anticipated to be satisfied in the first quarter of the 2013 calendar year. Deutsche Bank AG acted as financial advisor to Ceva. James Inglis, Sushil Jacob and Ulrich Wolff of Linklaters LLP and Vijay Cugati of Allens Arthur Robinson acted as legal advisors for Brambles Limited. Ashurst Australia, Wachtell, Lipton, Rosen & Katz and Morgan Lewis Pty Limited acted as legal advisors while PricewaterhouseCoopers Corporate Finance acted as financial advisor to Ceva Logistics. Ernst & Young acted as accountant to Brambles Limited and provided due diligence.
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