Maersk Acquires Danish Company Martin Bencher Group

Martin Bencher was founded in 1997 and is an asset-light logistics provider specialized in project logistics. The core competency of Martin Bencher lies in developing end-to-end project logistics solutions for global customers. The company’s competitive strengths include deep industry knowledge, a solid track record, long-term relationships with stakeholders, and a highly qualified organization.

(København) “Martin Bencher is a perfect fit for Maersk and our integrator strategy, enhancing our ability to offer project logistics services to our global customers. With Martin Bencher joining the Maersk family, we will be able to provide project logistics services with a high level of reliability, a proven track record, and a strong focus on health, safety, and environment (HSSE). In addition to supporting the project logistics needs of our existing customers, we will also be able to offer a more comprehensive service for a variety of industries,” says Karsten Kildahl, Regional Managing Director in Europe at Maersk.

With the intended acquisition of Martin Bencher, Maersk will also introduce a new product, Maersk Project Logistics. Project logistics is a specialized service offering within the global logistics industry that encompasses the combination of solution design, specialized freight transport, and project management services – including detailed planning, orchestration, and sequencing of end-to-end shipments from suppliers to destinations.

Such a service requires managed transport capabilities with solid technical expertise in specific elements of the supply chain, such as handling oversized and specialized lift cargo, conducting road surveys, and delivery planning as well as unloading and assembling equipment on-site.

A strong offering of project logistics solutions is a key element for customers with logistical requirements for large projects across multiple industry segments, including renewable energy, pulp and paper, power generation, mining, automotive, aid and relief goods, government-contracted logistics, and industrial manufacturing.

Project logistics is not new to Maersk, as the company already possesses niche competencies primarily based in Europe and North America. However, to expand and mature the service offering, existing activities will be consolidated into a global product offering that customers can benefit from.

Together with the planned acquisition of Martin Bencher, this will enable Maersk to significantly accelerate its project logistics capabilities and develop an unprecedented integrated offering to serve existing and future customers in new industries as well.

“We are very excited to become an integral part of Maersk, which we believe is an ideal fit for our employees and customers. Customers requiring project logistics are aware of the constraints and challenges they face and are looking for strategic partners with sufficient ambition and strength to manage their entire global supply chain now and in the years to come. Together with Maersk, we will have the size, commitment, and capabilities to handle the entire logistics scope for customers around the world – and expand into new industries,” says Peter Thorsoe Jensen, CEO of Martin Bencher.

The Martin Bencher Group is headquartered in Aarhus, Denmark, and is present at key locations worldwide through 31 offices in 23 countries with nearly 170 employees.

About the Transaction

The value of the transaction amounts to USD 61 million* (enterprise value) lease liabilities under IFRS 16, corresponding to an EV/EBITDA multiple of 7.1, based on the estimated EBITDA for the full year 2021. Until all necessary regulatory approvals are obtained and the transaction is completed, Maersk and the Martin Bencher Group will remain two separate companies and will therefore conduct their business independently as usual. *Assuming a USD exchange rate of 6.8027

Photo: © Martin Bencher Group