Deloitte advises logistics group Elite Co on its sale to GreenDome

27 December 2021 3 min. read

Dubai-headquartered Elite Co has joined forces with investor GreenDome Investments, in a deal that was orchestrated by M&A consultants from Deloitte.

Established in the 1990s, Elite Co is an overland freight and courier services business providing services to a client base including financial institutions, e-commerce, retail, oil & gas and automotive companies. With over 1,000 staff, 600 trucks and 100,000 square feet of warehouse capacity, Elite Co is one of the larger players in its segment in the region.

Now aiming to take the company to “next phase of its growth” (according to Outgoing CEO Roney Malhotra), Elite Co has agreed to join UAE’s GreenDome Investments, a logistics-focused investor that is backed by powerhouses in the industry, including UAE based Rais Hassan Saadi Group and the Sharaf Group, and Logipoint, a subsidiary of listed Saudi enterprise Saudi Industrial Services Company.

Deloitte advises logistics group Elite Co on its sale to GreenDome

For Dubai-headquartered GreenDome Investments, the move kicks off its ambitious strategy to “build an end-to-end logistics services powerhouse in the Middle East and globally,” said Saadi Abdul Rahim Hassan Al Rais, Chairman of GreenDome Investments and Managing Director of Rais Hassan Saadi Group.

“Our ambition to build a regional end-to-end logistics champion with global reach is inspiring and we are pleased that Elite Co will be the foundation from which this vision is realised.”

Deloitte provided sell-side M&A advisory to the shareholders of Elite Co. The consultants were involved throughout the entire process: preparing the business for sale, managing a competitive auction process, selecting a preferred bidder, overseeing the due diligence and supporting the deal close.

Commenting on the transaction, Robin Butteriss, a partner in Deloitte’s Financial Advisory wing said: “This acquisition represents one of the Middle East region’s largest transactions in the logistics sector. The transaction demonstrates our capabilities and commitment to delivering successful exits to private business owners.”

Mark Taylor, a director in the Financial Advisory division of Deloitte, added: “We are delighted to have supported Elite Co on its sale to GreenDome Investments. This represents a milestone transaction within the regional logistics sector and we wish Elite Co all the success under its new ownership.”

Buy-side merger & acquisition advisors were at the time of writing unknown.

A booming logistics landscape

The deal comes at a time of strong growth for the region’s logistics scene. The global logistics market is projected to reach $6.9 trillion by 2026 according to one estimate, expanding at an annual growth rate of 4.60% throughout 2021 to 2026.

As a strategic hub for international trade, and at the cross-roads between the East and West, the Middle East represents one of the fastest growing trade centers in the world with an expected growth in the logistics sector of 4.3% between 2020 and 2025.

“With the backing of GreenDome Investments, “Elite Co is well positioned to capitalise on the projected growth in the express courier market and e-commerce sector,” said Hisham Albahar, Incoming CEO of Elite Co.