Recall picks up CitiStorage
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Listed Brambles spin-off Recall Holdings has purchased US-based CitiStorage for $47.2 million.
The logistics company said the acquisition expanded its footprint in the New York City region and strengthened the company’s secure information management services in the largest US market.
The acquisition will add 4.6 million carton equivalents and about $25m of revenue for the 2015 financial year.
Integration is expected to occur immediately, while earnings accretion will occur from the 2015 financial year onwards.
On a post-synergy basis, the price represents an earnings before interest, tax, depreciation and amortisation multiple of less than seven times.
Recall chief executive Doug Pertz said the acquisition was the third for the company this year and underscored Recall Holdings’ commitment to growth.
Recall’s America’s president, Mark Wesley, described the acquisition as an ideal fit, “not only because of CitiStorage’s location in New York City, but also because of the synergy between CitiStorage’s well-respected services and Recall’s industry-leading information management expertise, technology and support”.
Shares closed up 7c to $4.62.
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