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Swiss logistics group sells out to Thiel

Thiel's purchase of SES - active in health, pharmaceuticals, e-commerce and healthcare logistics - and some of its subsidiaries comes soon after its takeover of German groups, KVB and SKS, from Heidelberger Zement earlier this year.

This content was published on June 5, 2001 - 15:30

Thiel's purchase of SES - active in health, pharmaceuticals, e-commerce and healthcare logistics - and some of its subsidiaries comes soon after its takeover of German groups, KVB and SKS, from Heidelberger Zement earlier this year.

No price tag was put on this latest deal but sources close to the company say that Thiel could pay five to eight times the value of SES's annual earnings before interest and tax (EBIT).

Based on SES's 2000 net sales of SFr35 million ($19.5 million) and an EBIT margin of 11.3 per cent, that would value the deal at between SFr20 million and SFr32 million.

SES, which employs 170 staff, is mainly active in Switzerland but also has subsidiaries in Germany, the Czech Republic and Belarus.

Analysts said the deal was small but important to Thiel, helping it to build up its Alpine network.

swissinfo with agencies

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