Kings expands on east coast with Forum purchase
Melbourne firm adds more courier and freight after Toll picks up McLaughlin
By Rob McKay | January 11, 2011Acquisitive Melbourne freight and logistics operation Kings Transport has bought Sydney courier, freight and fleet services firm Forum Transport for an undisclosed sum.
The move came after Toll confirmed just before Christmas
that it had swallowed family-run poultry transporter McLaughlin Freightlines (MFL).
Forum employs 120 people within the business providing metropolitan courier, taxi truck and permanent vehicle services, with a fleet spanning sedans, rigids and B-doubles and services expanding recently along the eastern seabord.
"Forum’s unique service offering consists of identical vehicle design and fit-out providing the customer base with unprecedented levels of consistent freight movements," Kings Managing Director Scott Peacock says.
"These points of difference will provide tremendous opportunities for additional organic growth across Australasia."
The bought company will continue to trade as Forum Transport and reside out of its Seven Hills location over the short- to medium-term, he adds.
Tolls purchase of MFL came as it says it gained $50 million from divesting its 16.6 percent interest in Shenzhen Chiwan Petroleum Supply Base in China.
MFL services Baiada, Turi Foods, McKeys and others in the poultry sector.
"MFL is a highly strategic acquisition adding strength to our existing Toll Refrigerated, Toll SPD and Toll QRX rail businesses," Toll Managing Director Paul Little says.
MFL generates annual revenue of $20 million and Toll says it paid about $25 million for the firm.
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