A.P Møller – Maersk has announced that it closed its acquisition of Performance Team, a US-based warehousing and distribution company.
The Danish shipping organisation says the addition of Performance Team’s engineered solutions and distribution centre will integrate ideally with Maersk Warehousing & Distribution’s regional network of 20+ facilities in the US and Canada.
Container News reported the initial agreement between the two companies on 20 February.
Maersk believes that a premium Warehousing & Distribution network clearly creates multiple options in the supply chain with storage in the warehouse and in yards – as well as fulfillment to distribution centers, specific stores, and/or the end consumer.
“Our customers now have the opportunity to add Performance Team’s omnichannel fulfillment services into their supply chain to create a hold and flow model customised to their specific needs. This approach to marketplace fluctuations combined with the scope of our Maersk Warehousing & Distribution services, creates added flexibility and winning choices for supply chain managers ” said Narin Phol, regional managing director of Maersk in North America.
The transaction has been valued at US$545 million (enterprise value) including International Financial Reporting Standards (IFRS) 16 lease liabilities of around US$225 million. Performance Team 2019 EBITDA adjusted for IFRS 16 effects are estimated at US$90 million.
