Ship ahoy: NOL acquires US-based Carmichael for US$37m

Its arm, APL Logistics, gets the rights.

According to an SGX release, Neptune Orient Lines Limited announced that its wholly owned subsidiary in the US, APL Logistics Americas, Ltd. has acquired the Los Angeles-based U.S. Customs brokerage and trade compliance firm Carmichael International Service.

The consideration for the Acquisition was US$37 million at closing and was arrived at after arm’s length negotiations on a willing buyer, willing seller basis, taking into consideration, among others, the financial position and business prospects of Carmichael.

Based on the unaudited accounts of Carmichael, the net asset value of Carmichael at closing on 19 November 2012 was approximately US$3.7 million. The Acquisition represents a purchase price multiples of 11.2 times of 2012 estimated EBITDA.

The consideration was satisfied wholly in cash from NOL’s internal resources. Carmichael will be wholly owned by APL Logistics.