Oxalis Logistics, a Germany and UK-based logistics business, is actively looking for acquisitions in Continental Europe, either to broaden its geographic footprint or strengthen the existing core business, said Leon Koehl, an investment professional at sponsor AUCTUS Capital Partners.

Oxalis is looking for specialised last-mile logistics companies in the fields of retail fuel transportation, aviation bridging, into-plane refuelling, bitumen, hydrogen and other gases with an EBIT above EUR 0.5m, Koehl said. It is also looking for specialised logistics companies in the field of other liquid bulk transportation segments with an EBIT of over EUR 1.5m, he added.

The company is already in initial talks with a number of potential targets, but none of them are exclusive, Koehl said. AUCTUS does not generally work with investment banks when sourcing deals, relying instead on in-house capabilities, he said.

Deals will be individually financed tailored to the situations at hand and can involve a mix of cash, fresh equity and debt, Koehl said, adding that for the equity portion no additional funds will need to be raised. The fund has existing relationships with a number of undisclosed debt providers, he added.

Private equity (PE) firm AUCTUS bought Oxalis in February 2024. Oxalis provides bulk transportation for petroleum-based products, gases (including hydrogen) as well as jet A1 fuelling bridging services to airports and direct Into-Plane refuelling. It is also a logistics partner to organisations developing innovative solutions to reduce emissions.

AUCTUS was advised by a number of law firms on the deal: GORG, Kanzlei Heuking Kuhn Luer Wojtek and Stevens & Bolton, Koehl said.

The PE executed its first investment in this segment in 2022 and was able to close two related acquisitions by the end of 2024. “We intend to at least keep up this investment pace over the next years,” Koehl went on to say. Established brands could continue to operate independently post-acquisition or could be brought under the Oxalis umbrella, he added.

Giving some insight into the bulk logistics industry, Koehl said that there are several players, smaller than Oxalis, that operate in the same space but different geographies which would make interesting targets.