Wallenius Wilhelmsen Logistics ASA has signed an agreement to acquire 100% of the shares in Keen Transport, Inc. from Platinum Equity for $64m.
Keen operates 14 High & Heavy Equipment Processing Centers (EPC’s) and a specialty trucking entity in the US. With its 450 employees Keen provides value-added facility services, equipment modification, transportation and load consolidation for about 20 Original Equipment Manufacturers (OEMs). The company saw revenues of $82m in 2016.
"With Keen as part of our Group we will become the clear market leader in the US H&H Equipment Processing space, positioning ourselves for the forecasted growth in this segment," says Craig Jasienski, President and CEO of WWL ASA.
The acquisition is a strong fit strategically and operationally, yielding significant synergies. The increased footprint represents a unique opportunity to capitalize on the improving fundamentals of the mining and construction sector in the US, as well as substantiate a trend where more advanced work and services are performed at EPC’s - outsourced from OEM factories.