Little goes European with latest Toll acquisition

Toll continues expansion, snapping up two European freight providers to become a major force in the UK market

Little goes European with latest Toll acquisition
Little goes European with latest Toll acquisition
July 9, 2010

Transport and logistics giant Toll is continuing its expansion drive, today announcing it will snap up two leading European freight providers to become a major force in the UK market.

Toll will acquire WT Sea Air Group and Genesis Forwarding Group to bolster the Toll Global Forwarding (TGF) division in Europe.

Toll Managing Director Paul Little expects WT to generate $170 million in revenue this year, while Genesis is tipped to bring in around $80 million.

The acquisitions cost a combined $150 million, and Little expects them to eventually generate over $250 million revenue.

"Importantly, the two acquisitions we are announcing today place TGF in the top half dozen forwarders in the UK," Little says.

"TGF continues to grow its leadership position in Asian markets for key trade lanes into North America, Australia and the UK."

Little says WT is principally an inbound business from Asia to the UK and specialises in global forwarding, bonded warehousing, pick-pack and final mile delivery sevices.

Its customer base is largely in the retail fashion sector, while Genesis specialises in complex international multi-modal freight in the defence, aerospace and oil and gas industries. Its reach extends across Europe, the US, the Asia Pacific and the Middle East.

"These market segments are very attractive additions to the general TGF business," Little says.

"WT and Genesis together employ around 650 people in the UK, Ireland, Asia and North America. They have offices spread around the UK allowing TGF to offer more comprehensive services in the second largest forwarding market in the EU."

Meanwhile, Toll has finalised the sale of its 50 percent stake in Pacrorini Toll, the joint venture between the company and the Pacorini Group.

"While the joint venture has been a successful business since its formation, it was decided that the ownership interest was not a core asset for Toll," Little says.

"Importantly, Toll will continue its relationship with Pacorini through the provision of warehousing and other logistics services."

The news follows Toll’s recent purchase of the DPEX Group from Qantas to grow the Toll Global Express division in Asia.

Toll also recently finalised its takeover of Concord Park. The deal was looked over by the Australian Competition and Consumer Commission, but it decided last month not to oppose the deal.

Concord Park has been integrated into Toll Express. It boasted annual revenue of around $90 million and ran distribution, linehaul, express and logistics services.

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