The freight transport sector remains in a state of flux. At the beginning of December, the groups STEF, Mesotrans, and Antoine Transports were chosen by the Commercial Court of Poitiers to share the assets of Jammet. Here are some insights from the experts at AURIS Finance, a consultancy specialising in mergers and acquisitions.
This is the end of the road for Jammet Transport. Founded in 1954 in the Vienne region of France, the family-run business had long been in serious trouble. After several attempts to turn the company around, Jammet Transport was finally sold off at the Commercial Court.
A global health crisis and rising fuel prices
Specialising in refrigerated transport since 1989, the group has 320 employees, 130 vehicles, and 6,500 square metres of storage space on four platforms. Despite its size and strong specialisation, Transports Jammet has not been immune to successive crises. During the Covid-19 epidemic, Jammet kept its drivers on the road despite a slowdown in logistics, with vehicle load factors of no more than 30% to 40% of capacity. Once the health crisis was over, the group was unable to cope with the rise in fuel prices. In June 2022, Jammet went into administration. It went into liquidation at the end of 2023.
Sharing assets among specialists
The takeover bids were examined by the Commercial Court, which selected the proposals of three transport companies. STEF, a temperature-controlled logistics company, is taking over the Fleuré site (86), a multi-product logistics platform launched in 2018. Mesotrans, a new refrigerated transport company, is taking over the Limoges site (86). Finally, the Cholet platform (49) will be taken over by Antoine Transports, a Vendée-based family business that also specialises in refrigerated transport. The court’s choice was made in favour of well-established companies in order to ensure the continuation of business and job security.
A targeted operation for STEF
Among the three buyers, STEF is one of the European leaders in the refrigerated transport market. Listed on Euronext, the group has 22,000 employees, 273 platforms and warehouses, and a turnover of €4.3 billion. A French group founded in 1920, STEF has expanded across Europe through successive acquisitions. It is now present in eight countries, the most recent of which is the United Kingdom, with the acquisition in 2021 of the Langdons group, a national specialist in temperature-controlled transport. In 2022, STEF strengthened its foothold in Italy with the acquisition of SVAT and in German-speaking Switzerland with the acquisition of Frigosuisse. By taking over the former Fleuré site, STEF is acquiring a practically new logistics platform and a major new site in the Vendée region. This new site is a multi-product logistics facility for fresh, frozen, and room-temperature products, as well as meat carcasses. This 2,000 square metre platform is the latest addition to the STEF group’s 273 locations in France and Europe.
Our experts at your side
The transport and logistics sector is undergoing profound change. Rising energy costs and the environmental imperative of greening fleets are having an impact on family-owned businesses struggling to maintain margins. The industry’s giants are watching the market more closely than ever. AURIS Finance’s experts are specialised by sector and will support you throughout your acquisition or sale.
