Malmö-based last mile delivery startup MoveByBike has announced the acquisition of the Danish logistics company Chainge for a purchase price of approximately € 1,7 Million (19 Million SEK). The transaction, which will be settled by issuing reverse convertible notes to the sellers that will be converted into newly issued shares of MoveByBike, is set to enhance MoveByBike’s operations across the Nordic region.
Strategic Expansion
The acquisition aligns with MoveByBike’s strategy to expand its reach in the European market, leveraging Chainge’s established operations in Greater Copenhagen. Chainge, which uses electric transport bicycles for logistics, has a workforce of about 60 employees and reported revenues of € 433.000 with an EBITDA of € -190.000 from January to May 2024.
Financial Details and Operational Synergies
The transaction is expected to increase the group’s revenue by approximately 50 percent while maintaining current monthly results. Additionally, MoveByBike’s equity will be strengthened by an asset influx of about € 1,7 Million.
“We are incredibly excited to work closely with Chainge. We complement each other very well in terms of customers, geographies, and expertise. Together, we can create even more efficient and sustainable transport solutions for our customers in the Nordic market. We look forward with great anticipation to the opportunities this partnership will generate for our shared future.”
says Lisette Hallström, CEO of MoveByBike
Closing and Future Integration
The deal is scheduled to close on July 8, 2024, with Chainge set to operate under its own brand while integrating its workforce and operations with MoveByBike.
“Chainge is permeated by a constant focus on logistics. We have been keeping an eye on MoveByBike for the past two years, and it is clear that we share a vision. Chainge’s positive energy and clear structure will contribute to faster profitability. Together with MoveByBike’s large load capacity and the market’s leading vehicle fleet, we can offer more efficient and sustainable last-mile solutions for all our customers in the Nordics,”
says Michael Junge, CEO of Chainge ApS.
Commitment to Sustainable Logistics
Both companies share a commitment to promoting sustainable urban environments through emission-free transport and logistics solutions. This acquisition positions MoveByBike and Chainge to further develop their presence in the green logistics sector across the Nordic region.
This acquisition marks a significant step for MoveByBike in its effort to strengthen its market position and expand its capabilities in sustainable logistics solutions.
