Special Situations Venture Partners III, a private equity fund advised by Orlando, has sold nox NachtExpress to Groupe Sterne


nox NachtExpress is a leading player in overnight express delivery services with market presence in the Germany, Austria and Benelux regions. The company operates more than 20 cross-dock facilities throughout Germany, employs around 1,000 people and achieved €280 million of turnover. nox moves up to 160,000 packages per night. Around 2,600 subcontractor vehicles are on the road for nox throughout Europe for the delivery of goods and spare parts, which are collected late in the evening and delivered on the next working day before the start of work — either before 8:00, 7:00 or 6:00 AM CET.

The Deal
nox was created in mid-2016 through the takeover of the overnight express business of TNT, by Special Situations Venture Partners III (SSVP III), a private equity (PE) fund advised by Orlando Management. nox has been sold to Group Sterne, a leading French provider of premium logistics services backed by Tikehau Capital and Meanings Capital Partners. The strategic transaction will create a leading provider of overnight premium critical logistics services in Europe with the differentiating ability to provide its clients with a pan-European offer.

Key success factors of the transaction included Lincoln International’s ability to develop customized investment rationales, having cross-border access to relevant bidders in combination with designing and executing highly efficient preparation and diligence processes in cooperation with nox’s management team, due diligence providers, lawyers and Orlando.

Our Perspective
Dirk Engelmann, Managing Director in Lincoln International’s Business Services Group and logistics and transportation sector in Germany, commented, “It’s been a great pleasure to have represented SSVP III and the management of nox on this cross-border transaction. The combination represents a major step for both groups in the rapidly consolidating market for time-critical spare parts and overnight express logistics in Europe. The highly complementary geographic footprint and services offering of nox and Group Sterne will allow them to benefit from offering their customers previously unavailable opportunities for supply chain optimization.”

Special Situations Venture Partners Funds
SSVP invests in companies that are in complex situations but have an outstanding market position in their niche due to their products or services. Orlando is the exclusive advisor of all SSVP funds.

Groupe Sterne
Founded in 1972, Groupe Sterne is one of the French leaders in premium logistics services, specializing in high value-added and tailor-made services. Groupe Sterne offers its customers regular night and daily transport and logistics services as well as time-critical unplanned delivery services.

Tikehau Capital and Meanings Capital Partners
Tikehau Capital is a global alternative asset management group. Tikehau has developed a wide range of expertise across four asset classes as well as multi-asset and special opportunities strategies.

Meanings Capital Partners is a multi-activity platform specialized in unlisted PE and real estate investment.