The Qube group operates in three divisions covering automotive, bulk and general stevedoring, landside logistics and strategic development assets through brands that are well recognised and respected in the markets in which they operate. These businesses provide a broad range of logistics services throughout Australia, focused on the movement of imported and exported products.
The Qube group is listed on the Australian Stock Exchange. Upon completion, WWH will hold an estimated 88 million shares in Qube, of which 75% will be subject to a three year trading restriction.
“Since our vessel Tiger first called an Australian port in 1895, this region has been a cornerstone in our global operation,” says Thomas Wilhelmsen, group CEO at WWH.
In addition to its Kaplan investments, the group has activities through partly owned Wallenius Wilhelmsen Logistics one of the largest car and ro-ro operators from Europe and Americas to Australia, and wholly owned Wilhelmsen Ship Services, with 20 offices servicing close to 90 ports a leading maritime services provider in Australia.
“Our future shareholding in Qube will supplement our strong foothold in Australia and broaden our logistics engagement from car, high and heavy and bulk cargoes to also include containers,” says Wilhelmsen.
The cooperation with Qube started in 2007 when the Wilhelmsen group took an ownership stake in three joint-ventures being part of the then called Kaplan consortium, K-POAGS, K-NSS and K-AAT, with KW Auto included later.
“We are very pleased with the financial performance of these activities, which have continued to both deliver positive return and develop new profitable business,” says Nils P Dyvik, group CFO at WWH. “The conversion of our ownership interests into shares in Qube confirms our confidence in the Qube management. We see this as a very promising investment moving forward.”
Since listing on the Australian Stock Exchange as KFM Diversified Infrastructure and Logistics Fund in 2007, Qube has more than doubled in size and progressed from being an investment fund towards becoming a focused operating logistics business. Last week Qube Logistics announced the approval of a placement of 91 million new units/shares to Carlyle Infrastructure Partners. The share has recently traded in the AUD 1.50-1.70 range, indicating an AUD 1 billion market value following the completion of the transaction. Collectively in the year ending December 2010, the operating businesses in which Qube has invested are forecast to generate revenue of over AUD 660 million and generate EBITDA of around AUD 105 million per year. The total group of companies employs approximately 3000 people.
The announced transaction between WWH and Qube is subject to certain conditions including the parties entering into long form documentation and the completion of a proposed corporatisation of Qube and internalisation of Qube’s management. Completion of the transaction is presently expected to take place in July 2011. Following completion, WWH will be invited to nominate one director of the proposed new holding company of Qube.