Owen Glenn sells US logistics business
The NBR Rich Lister has sold his US-based business, OTS Logistics, to private equity group Man Capital.
NBR Rich Lister Owen Glenn has sold his US-based business, OTS Logistics, to private equity group Man Capital.
“I am pleased we have reached an agreement with Man Capital who recognise the success we’ve achieved to date and the great potential within the business. I am confident that with Man Capital’s support OTS will continue to go from strength to strength,” Mr Glenn said.
No financial details of the deal have been released, but Mr Glenn, who was valued at $900 million on the 2011 NBR Rich List, told NBR last year that he plans to use at least part of the proceeds to create a “substantial endowment fund” for his Glenn Family Foundation.
OTS reported gross sales of over $US700 million in 2010 and operates in over 100 countries with more than 2,800 employees.
Man Capital is a London-based private equity group established in 2010 to provide capital and strategic support to companies with attractive growth perspectives. It is owned by Mansour Group, which has operations in Egypt, the Middle East, Russia and Africa and employs over 38,000 employees mainly in the heavy equipment, automotive, consumer and financial services sectors.
NBR staff
Sat, 14 Jan 2012
Sat, 14 Jan 2012
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Owen Glenn sells US logistics business
18450