Lincoln International: Müller Transporte has agreed to sell 70% to Cube Infrastructure Managers

Müller Transporte is a leading Austria-based, temperature-controlled logistics operator with strong domestic agri-food and European pharmaceutical activities. Müller Transporte employs approximately 700 people and generated revenues of more than €‎100 million in the financial year ending June 2022. The company is headquartered in Wiener Neudorf, Austria and operates through four well-positioned temperature-controlled cross-docking warehouse sites in Austria and a specialized fleet of 375 Euro-6 trucks and more than 430 mainly refrigerated trailers.

The Deal
Cube Infrastructure Managers has agreed to acquire a 70% stake in Müller Transporte. Fritz Müller, who has led the family company’s successful development over the last decades, will retain a 30% stake, and Fritz and Karin Müller will continue to lead the group as Chief Executive Officer and Chief Financial Officer, respectively. Partnering with Fritz and Karin, Cube will support the company in the next stage of its growth by helping it grow the client base and through potential acquisitions of operators with a complementary geographical footprint by contributing its operational and financial expertise and resources. Müller Transporte marks Cube’s second investment in the European temperature-controlled logistics market.

Fritz commented, “Lincoln International’s deep expertise in logistics and transport mergers and acquisitions (M&A) as well as its relationships were critical in driving a successful process that met all of our objectives. The Lincoln International team delivered thoughtful advice, valuable insights and senior-level attention with hands-on implementation from start to finish. We thank them for the guidance they provided to us and for stringently driving the entire process. We are highly enthusiastic about the partnership with Cube, which will help us accelerate growth across the business by capitalizing on significant organic as well as M&A growth opportunities.”

Our Perspective
Dirk Engelmann, Managing Director in Lincoln International’s Business Services Group and logistics and transportation sector, commented, “It’s been a great pleasure to have represented the Müller family from initial planning and deal preparation all the way through to negotiating and implementing this transaction. With Cube as the new majority partner, Müller Transporte will be ideally positioned to successfully achieve its ambition of developing into a truly pan-European player in temperature-controlled logistics and transport services for the food and pharma sectors. Together with Cube, the Müller family will be able to implement an accelerated expansion plan and extend the service range for the company’s clients.”

Cube
Cube is an independent middle market infrastructure investor. Cube has raised an aggregate of €4 billion and manages four funds. Cube has made more than 40 investments across Europe focusing on essential and local infrastructure assets, in areas such as fiber, district heating, mobility and electric vehicle charging.