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Recent Transaction
Mirus Advises TradePoint Systems on Sale to Kewill Systems PLC
Contact:
Peter Alternative
Location: New Hampshire
Date: Jan 02, 2004
Acquisition Vaults Kewill to Leadership Position in Supply Chain Execution
Boston, MA, Jan 02, 2004 - Mirus Capital Advisors announced today that the firm has successfully negotiated the sale of TradePoint Systems to UK-based Kewill Systems plc (LSE. KWL.L), representing one of two software transactions for Mirus in January.
Kewill Systems plc, a well-capitalized, UK-listed public company specializing in supply chain execution solutions, will pay up to $14.8 million dollars in cash, stock and potential earn-out payments for substantially all of TradePoint's worldwide operations.
"In TradePoint, RCW Mirus helped us identify the perfect partner which both fit our business goal of becoming the leader in supply chain execution, but importantly also fit our values and culture," said Paul Nichols, CEO of Kewill Group. "RCW Mirus worked tirelessly to keep the process moving along at the pace that our schedule demanded. In all matters they acted with the utmost professionalism."
Over its 30-year history, TradePoint Systems has become a leading provider of customs compliance, international freight forwarding, import and export software solutions on both sides of the Atlantic. TradePoint has over 650 customers worldwide, representing an estimated 25% share of the US Customs Clearance market. Kewill intends to maintain TradePoint's name, as well as its current staff of approximately 100 people located in the US, UK and the Netherlands. TradePoint Systems is owned and managed by Chris Crane, who will continue with Kewill as Executive Vice President of Group Business development. Regarding the transaction, Crane commented: "Among the competitive field of potential suitors we met with, Kewill presented us with the most compelling short- and long-term strategic, financial and cultural synergies."
RCW Mirus Inc., retained on an exclusive basis by TradePoint Systems, initiated the transaction, acted as financial advisor to TradePoint and Mr. Crane, and led the negotiations that resulted in its successful conclusion. "RCW Mirus did an excellent job in presenting the company, attracting several competitive bidders and negotiating a transaction that ultimately results in a powerful combined company which will create tremendous value," remarked Crane.
Peter Alternative, the Principal who managed the transaction on RCW Mirus's behalf, commented, "The combination of TradePoint's "cross-border' trade and compliance expertise with Kewill's domestic shipping and compliance leadership and significant balance sheet resources positions the Company to be a leader in the consolidating Supply Chain Execution space. Mirus believes this transaction is indicative of future consolidation as other supply chain execution players look to meet the market's demand for end-to-end logistics solutions that go beyond the four walls of the warehouse."
About Kewill Systems: The Kewill Group is publicly traded on the London Exchange (LSE: KWL.L) headquartered in Staines, UK and has offices in England, the US, Spain and Germany. In the US, Kewill have their major operations in Marlborough, MA and Chicago, IL. The Company has been in operation since 1972, and has 256 employees (356 including TradePoint's employees). Kewill is the leading provider of US domestic multi-carrier shipping solutions and has a significant presence in Europe through their electronic commerce and order to delivery solutions.
About TradePoint Systems: Headquartered in Nashua, New Hampshire and privately-held, TradePoint Systems is a leading provider of international trade and compliance content, software and services to Custom House Brokers, International Freight Forwarders, Multi-National Importers and Exporters. TradePoint currently employees 100 people: 83 in the US, 15 in the UK and 2 in Holland. The Company has 650 customers worldwide, including several international trade logistic leaders, such as, GM, DHL/Danzas, Livingston International, and BAX Global.
About Mirus Capital Advisors: Based in Boston, Massachusetts and with clients throughout the world, Mirus provides investment banking solutions to middle-market corporations including merger advisory, recapitalizations and valuation services to entrepreneurs, private equity groups and corporate clients. Founded in 1987, Mirus has successfully completed a number of software transactions for both entrepreneurs and professional investors. More information about the firm is available on Mirus' web site at http://www.merger.com
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