Duvenbeck, Germany's largest automotive logistics company, seeks buyer after plunging into losses - Información Logística
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Duvenbeck, Germany's largest logistics operator specializing in automotive, is going through the most severe crisis in its history, and its owner, the private equity fund Waterland, has commissioned PwC to sound out potential buyers for the company. Headquartered in Bocholt, with over 6,000 employees, nearly 1,800 of its own heavy trucks, and 33 locations spread across eight countries, Duvenbeck works as a logistics partner for manufacturers such as Volkswagen, BMW, and Mercedes, making it a relevant piece within the supply chain of the European automotive sector. The origin of the crisis dates back to January 2022, when Waterland acquired the majority of the company's capital in the largest acquisition of a logistics company by a private equity fund recorded until then in the German-speaking region. Under the mandate of the then CEO, Hakan Bicil, Duvenbeck embarked on an ambitious acquisition program, with the purchase of Schotpoort Logistics, Spedition Erich Haslbeck, and Sander Logistics, in addition to an intense policy of executive hirings, with the declared objective of reaching 3 billion euros in turnover by 2028. The result, however, was the opposite of what was sought. The company's losses soared from 10 million euros in 2022 to 8 million in 2023, and to 30 million in 2024, a deterioration that ultimately led to Bicil's departure from the company last January...
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