Allied Express is buying Vicfast ParcelDirect and Hills ParcelDirect from the Parcel Direct Group
By Rob McKay | June 29, 2011
Allied Express is buying Vicfast ParcelDirect and Hills ParcelDirect from Parcel Direct Group (PDG), Managing Director Michelle McDowell has told ATN.
McDowell says she is unable to go into detail at present about the deal to take the companies owned previously by ParcelDirect Group, a joint venture between global parcel delivery and logistics firm Deutsche Post DHL (DP DHL) and New Zealand Post.
New Zealand Post Group CEO Brian Roche had said in February that following a write down of PDG in the 2009/10 financial year, “its future status had been reviewed and a decision made to start a divestment process for all or part of that business”.
Government-owned NZ Post had reduced the valuation of PDG by $NZ29.9 million ($A23 million), according to a report to the New Zealand Parliament.
DP DHL’s 2010 annual report reveals PDG lost Euro 23.2 million ($A31 million), last financial year.
ParcelDirect was set up in late 2009 to take on the likes of Toll, TNT and Star Track Express. It had brought NSW headquartered Hills Transport, Vicfast Couriers of Victoria, Northern Kope Parcel Express, PEP Transport and Couriers Please under the one umbrella.
New Zealand Post had bought Hills Transport, which was established in 1981 and had grown to become one of the largest independent transport companies in NSW, in mid-2008.
Hills employed about 350 staff at the time.
DHL would not comment on the transaction but a circular, purportedly from PDG, indicates that the transaction is due to be completed by July 18 and to include the Parcel Overnight Direct business in NSW, Queensland and Victoria.