City grandee Paul Manduca hired to steer eastern European trucking group through £1.7bn London float
Paul Manduca is chairman of Eurowag – a company that has been dubbed the ‘Uber of trucking’
An eastern European trucking services group has hired City grandee Paul Manduca to steer the business through a £1.7billion London float.
Manduca, 69, chaired Prudential between 2012 and 2020 and is a former member of the Takeover Panel. He is now chairman of Eurowag – a company that has been dubbed the ‘Uber of trucking’ which handles digital payments and toll fees for around 100,000 lorries.
The company, which is backed by private equity giant TA Associates, is aiming to raise £170million and could be valued at £1.7billion when it lists on the London Stock Exchange later this year.
The trucking industry in Europe is incredibly fragmented – with thousands of small haulage firms competing for business.
Chief executive Martin Vohanka, 45, founded the company in 1995 soon after he finished school. It has grown in to an international technology firm with customers in 30 countries, mainly across Europe.
Vohanka said the firm has no direct competition at present.
Eurowag snubbed European stock markets in favour of London, which Vohanka said was ‘top-notch’ because of its access to experienced investors.
He added that London was attractive because it has the very highest regulatory and transparency standards.