UK expansion for Toll Group
- Latest News
- Saturday, 10 July 2010
“These two UK headquartered acquisitions combine to provide significant scale to our Toll Global Forwarding (TGF) division in Europe," said Toll Group’s managing director Paul Little.
“WT is expected to generate revenue this year of around A$170 million and Genesis is expected to generate around A$80 million.
“Several significant announcements have now followed the BALtrans acquisition in 2007, allowing TGF to grow strongly in the world’s major markets. Importantly, the two acquisitions we are announcing today place TGF in the top half dozen forwarders in the UK.
“WT is principally a UK inbound business from Asia specialising in the provision of global forwarding and value added services such as bonded warehousing, pick-pack, garment re-hanging, vacuum packing and final mile delivery services. Its customer base is principally in the retail fashion segment.
“Genesis specialises in the provision of complex and mission critical international multi-modal freight predominantly in the Defence, Aerospace and Oil and Gas industries across Europe, the USA, the Asia Pacific and the Middle East.
“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,” said Little.
The acquisition of WT Sea Air and Genesis is expected to generate over A$250 million in revenue and both are expected to be EPS-accretive in year one based on the combined purchase price of around A$150 million.
Toll also confirmed it has concluded the sale of its 50 per cent interest in the Pacorini Toll Joint Venture to the Pacorini Group. Incorporated in March 2004, Pacorini Toll was a 50/50 joint venture between the Pacorini Group of Italy and the Toll Group. The business is a provider of integrated logistics solutions and trade finance facilitation for the ferrous and non-ferrous metals industries.
