CVC would 'safeguard DB Schenker jobs and its independence'
Parent company Deutsche Bahn says freight forwarding arm will remain independent, and jobs safe
CVC Capital Partners has pledged to "safeguard jobs and the independence" of German logistics firm DB Schenker if its planned takeover of the company goes ahead.
Deutsche Bahn, the German national railway and DB Schenker's parent company, announced in January that it was in exclusive talks to sell its entire stake in DB Schenker to CVC.
The deal is still subject to regulatory approval, but Deutsche Bahn said it "firmly believes that CVC is the right strategic partner to support DB Schenker's ongoing growth and development."
DB Schenker CEO Jochen Thewes
DB Schenker CEO Jochen Thewes said: "CVC Capital Partners shares Deutsche Bahn's commitment to DB Schenker's employees, customers, and partners. They understand the unique strengths of our company and are fully supportive of our strategy. With CVC as our new owner, we will be even better positioned to capitalize on the opportunities in the global logistics market.
CVC is a leading private equity firm with a proven track record of investing in and growing businesses. The firm has a strong presence in the logistics sector, having previously invested in companies such as Ceva Logistics and Tibbett & Britten.
Deutsche Bahn CEO Richard Lutz
Deutsche Bahn CEO Richard Lutz said: "We are confident that CVC will be a good owner for DB Schenker. They have the financial resources and the expertise to support the company's ambitious growth plans. This transaction will allow Deutsche Bahn to focus on its core railway business and to reduce its debt."
The sale of DB Schenker is part of Deutsche Bahn's wider strategy to streamline its operations and focus on its core railway business. In recent years, the company has sold off a number of non-core assets, including its bus and trucking operations.
The transaction is expected to close in the second half of 2023.
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