Deutsche Post DHL has agreed to sell its logistics subsidiary ITG GmbH Internationale Spedition + Logistik to Logistics Group International.
LGI said its acquisition of a 100% stake in the firm would allow it to expand its range of services to provide opportunities for future growth.
The deal remains subject to approval by regulators.
Deutsche Post has owned ITG since 1999, with the company growing steadily since then to an annual turnover of about EUR 151m in 2012.
Based near Munich Airport, ITG has about 1,000 employees worldwide, with eight logistics centres in Germany, Austria, the Netherlands, the United States and Russia.
Along with a network of more than 200 agents and partners, the company provides international logistics and freight forwarding services, including air, sea and ground transport services for various industry sectors, particularly the fashion and lifestyle industry.
ITG will continue operating with existing management as an independent company under its new owners
ITG also offers value-added services including customs clearance, storage, picking-and-packing, quality control and product assembly services, as well as returns handling.
LGI, which spun off from Hewlett-Packard Germany in 1995, said ITG was a “perfect match” for its portfolio of services, expanding its full service logistics offering beyond its specialist areas of the automotive, electronics, industrial and healthcare sectors. The acquisition will also expand LGI’s presence geographically with additional hubs in Amsterdam, Rotterdam, Boston and Moscow.
LGI currently has 2,300 employees based in 30 locations in Europe, and recently moved to a new headquarters in Herrenberg-Gültstein, near Stuttgart in Germany. The company was acquired by Frankfurt am Main-based investment firm Kajo Neukirchen Group in 2011, and currently has an annual turnover of about EUR 245m.
Dr. Andreas Bunz, CEO of LGI said: “The merger is a prime example of a strategically sensible transaction. The business models of the LGI and ITG complementary. With the merger, we can provide the LGI and ITG customers even more value and service from one source and set the course for international growth. ”
Once the acquisition is completed, LGI said ITG will continue to operate as an independent company with an independent brand.
Andreas Weiss, Managing Director ITG, said: “ITG will remain an independent company with its own management. We look forward to working with the management of LGI and to jointly expand our leadership position even further in the logistics sector in Germany and internationally.”