Nippon Express to acquire Austrian logistics company Cargo-Partner Group Holding AG

by Gerhard Fasol (12 May 2023)

On 12 May 2023 Nippon Express (TSE:9147) announced the approval by the Board of Directors to acquire a majority of the Austrian logistics group Cargo-Partner Group Holdings AG and its subsidiaries. In total Nippon Express acquires 63 companies, the holding company Cargo-Partner Group Holding AG, and 62 subsidiary companies. In one of these a minority share holder remains.

From Nippon Express point of view, the acquisition’ purpose is to expand Nippon Express’ logistics network and resources globally, and especially in Europe, implementing “Nippon Express Group Business plan 2023 – Dynamic Growth”, which was presented in 2018/2019.

Interestingly, Nippon Express expects also to learn from Cargo-Partner’s know-how in digitization and IT systems and operational efficiency.

The acquisition is via a special purpose company, a wholly owned subsidiary of Nippon Express Europe GmbH.

Purchase price: on the order of EURO 1400 Million

EURO 845 million for ordinary shares of Cargo-Partner Group Holdings AG and its subsidiaries (a total of 63 companies), to be adjusted according to net debt and working capital.

In addition a maximum of EURO 555 million “earn-out”, conditional on Cargo-Partner’s earnings reaching certain thresholds.

Thus the total acquisition price may be on the order of EURO 1400 Million (depending on debt and working capital adjustments, and earnings).

The acquisition depends on certain conditions, and is also subject to antitrust approval.

Closing: expected November 2023 – May 2024.

Cargo-Partner Group Holdings AG

Today’s Cargo-Partner Group was initially founded in 1983 by CEO Stefan Krauter as “air cargo partner” with 5 founding employees at Vienna Airport in Wien-Schwechat. CEO Stefan Krauter, has announced since mid-2022, that he was planning to step down, and Cargo-Partners has been considering new ownership since then, see:

  • consolidated revenues:
    • 2020: EURO 1050 million
    • 2021: EURO 1806 million
    • 2022: EURO 2063 million
  • consolidated net income:
    • 2020: EURO 35 million
    • 2021: EURO 88 million
    • 2022: EURO 54 million


Nippon Express Holdings KK (NIPPON EXPRESSホルディングス株式会社) (TSE:9147)

Nippon Tsu-un (日本通運、English: Nippon Express) was founded in 1937 on the basis of the “Nippon Tsu-un Company Law” as a semi-government logistics company by combining a number of smaller companies. Nippon Tsu-un’s origins go back to the company Riku-un Moto Kaisha (陸運元会社), founded in June 1872. Nippon Tsu-un was privatized and listed on the Tokyo Stock Exchange on 16 February 1950 (No. 9062).

On January 4, 2022, the company Nippon Express Holdings KK was incorporated, and Nippon Tsu-un (TSE:9062) was delisted from Tokyo Stock Exchange on 29 December 2021, and became a fully owned subsidiary of Nippon Express Holdings KK (TSE:9147).

Market capitalization: YEN 751 billion (= US$ 5.6 billion, EURO 5 billion)

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