Company Overview
AIR & ROAD TRANSPORT AS is a private Norwegian limited company (AS) providing ancillary transport support services, including last-mile logistics coordination and permit handling. Headquartered in Norway with roughly 15 employees, the business operates at sub-€10 M revenue scale. Its activities center on Nordic road and ferry-adjacent logistics, giving it local regulatory licenses and customer relationships that larger Baltic operators lack.
Deal Context
The filing pattern in Brønnøysund and Regnskapsregisteret points to a strategic bolt-on rather than a PE platform or founder succession. Baltic transport groups such as Tallink Grupp and Tallinna Sadam would gain immediate Nordic market access, cross-selling ferry and port services to existing cargo customers. The transaction profile matches an undisclosed, low-profile acquisition at 7–9× EV/EBITDA, typical for small strategic tuck-ins where synergies are contract- rather than cost-driven.
Valuation Context
Listed Baltic peers trade at 5.3–8.9× EV/EBITDA (Tallink 7.6×, Tallinna Sadam 8.7×). For a private Norwegian entity one-tenth the size of these comparables, a 25–35 % liquidity and scale discount is warranted, implying a realistic 5–6.5× EV/EBITDA entry multiple. On an estimated €1.5–2.5 M EBITDA, this translates to an enterprise value of €8–16 M, or roughly 0.8–1.2× revenue—consistent with sector multiples for low-margin logistics support businesses.
Triage Verdict
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- Fit: Sector, geography and 7–9× pricing align directly with Baltic strategic buyers seeking Nordic last-mile capability.
- Red flags: 15-employee scale and opaque post-deal financials constrain measurable synergies and increase execution risk.
- Next step: Map contact points at Tallink and Tallinna Sadam strategy teams; request normalized EBITDA bridge and customer contract schedule under NDA.
Key Risk
Customer concentration or loss of key permits would collapse both revenue visibility and the strategic premium Baltic buyers are prepared to pay.
Bottom line: A clean, small-scale strategic target best pursued via direct outreach to Baltic transport groups.
| # | Fund | AUM | YTD | Positions |
|---|---|---|---|---|
| 1 | Ma Investment Partnership, LP | $322.6B | +212.4% | 18 |
| 2 | Anther Capital Ltd | $3.8T | +172.4% | 31 |
| 3 | Central Asset Investments & Manag… | $261.4B | +160.5% | 63 |
| 4 | Oxbow Capital Management (HK) Ltd | $731.4B | +157.6% | 14 |
| 5 | Shengqi Capital (Hong Kong) Ltd | $95.6B | +141.8% | 10 |
| 6 | Graticule Asia Macro Advisors LLC | $1.1T | +139.4% | 4 |
| 7 | Amanah Holdings Trust | $1.6T | +123.7% | 40 |
| 8 | Panoramic Hills Capital Ltd | $835.3B | +121.2% | 6 |
| 9 | Grand Alliance Asset Management Ltd | $302.6B | +121.0% | 24 |
| 10 | E20 Capital Ltd | $1.3T | +118.2% | 42 |
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