Time critical logistics firms Carousel and DANX will merge after being purchased by private equity firm Axcel.
The merger will expand the two firms' networks by combining DANX's presence in the Nordics and Baltics with Carousel's UK, Ireland, Germany and Iberia offices. The two firms have combined annual revenues of around €190m.
The new company has the ambition to expand significantly across Europe while also investing in service, according to a statement.
At completion, Jonathan Simpson-Dent will be appointed chair and Klaus Rud Sejling will take on the position of chief executive of the merged group.
The transaction is subject to the customary regulatory approvals and is expected to close in the first quarter.
"Carousel has grown rapidly in aftermarket and spare parts logistics through customised solutions and specialist networks designed for performance and life-critical industries," the companies said in a press release.
"DANX makes a great fit with a similar history and mission-critical philosophy. Our joint vision is to bring together two businesses with unique strengths, regional leadership and sector expertise to accelerate growth, investment in service and expansion across Europe."
Klaus Rud Sejling, chief executive of DANX, said: “Together with Carousel we are well-positioned to outgrow the market on a European scale.
"It will enable us to accelerate investments in technology and we will jointly be able to strengthen our service offering by entering new markets and a greater geographical reach.”
Jonathan Simpson-Dent, chief executive of Carousel, added: "In partnership with Axcel and DANX, we are combining a great investor with two proven teams, strongly positioned in our respective regions and sectors, to create a premier pan-European critical service logistics network."
