City luminary Paul Manduca hired to lead Eastern European truck group through £1.7bn London float
Paul Manduca is chairman of Eurowag – a company called the ‘Uber of trucking’
An Eastern European trucking service group has hired the city’s great Paul Manduca to guide the company through a £1.7 billion London float.
Manduca, 69, chaired Prudential from 2012 to 2020 and is a former member of the Takeover Panel. He is now chairman of Eurowag – a company dubbed the ‘Uber of trucking’ that handles digital payments and tolls for approximately 100,000 trucks.
The company, which is backed by private equity giant TA Associates, aims to raise £170m and could be valued at £1.7bn later this year if listed on the London Stock Exchange.
The trucking industry in Europe is incredibly fragmented – with thousands of small transport companies competing for business.
Chief executive Martin Vohanka, 45, founded the company in 1995, shortly after graduating from school. It has grown into an international technology company with customers in 30 countries, mainly throughout Europe.
Vohanka said the company currently has no direct competition.
Eurowag turned European stock markets in favor of London, which Vohanka said was “top” because of its access to experienced investors.
He added that London was attractive because it has the very highest standards of regulation and transparency.