Czech Investors Secure Stake in Poland’s OT Logistics
A consortium led by Czech businessman Jaroslav Strnad and investment group J&T has finalized a deal to acquire a 49.99% stake in OT Logistics (OTL), Poland’s largest operator of port services, primarily in Gdańsk and Świnoujście. The investment, valued at approximately 589 million Czech crowns (roughly $25.6 million USD), aims to enhance connectivity between Northern and Southern Europe through improved cargo transport.
Deal Details and Structure
The acquisition is being made through DD Rail Properties, a company jointly owned by SPV Second, controlled by Jaroslav Strnad, and Auctor Holding, linked to J&T Private Equity Group. This structure will grant DD Rail Properties a blocking share in OTL, allowing them to influence key decisions without achieving majority control. The remaining 70% stake in OTL is currently held by Polish family foundations: Cres Family Foundation, Marsel Family Foundation, and Neuvic Family Foundation, who will notice their ownership reduced to a minority position.
Strategic Implications for European Logistics
According to sources, the investment is strategically positioned to capitalize on the growing demand for efficient cargo transport across Europe. The deal aims to streamline the flow of goods, connecting key ports in Poland with broader European networks. OT Logistics provides transport, forwarding, and logistics services and has been operating for over 70 years, and is listed on the Warsaw Stock Exchange.
Financial Performance of OT Logistics
Recent financial reports indicate that OT Logistics has faced challenges in recent years. In 2023, the company experienced a significant decline in both sales, and profitability. Sales fell by nearly 50% to 321 million Polish zlotys (approximately 1.8 billion Czech crowns), while gross operating profit (EBITDA) decreased by 70% to 330 million crowns. Despite these challenges, the investors believe there is potential for growth and improvement within the company.
Regulatory Approval
The transaction has already received approval from Polish regulators. The Office for the Protection of Economic Competition (ÚOHS) in the Czech Republic is currently assessing the deal in a simplified procedure, with a decision expected within 20 days. The assessment focuses on the potential impact on port operations, including transshipment and forwarding services.
J&T and Strnad’s Expanding Portfolio
This investment represents a continued expansion of Jaroslav Strnad and J&T’s business interests in the logistics sector. Strnad previously acquired a minority stake in the Croatian port of Luka Rijeka. Auctor Holding, half-owned by J&T Private Equity Group, as well has investments in healthcare distribution in Croatia, in addition to its hotel holdings.
Sources: Seznam Zprávy, E15.cz