New Wave Logistics purchases Gloystarne
New Wave Logistics (NWL), the subsidiary of Japanese shipping line, NYK, has extended its UK operations through the acquisition of distribution company, Gloystarne & Co. The company has a workforce of about 350 staff and a turnover of about €35m. It specializes in consumer and retail logistics and operates in the region of 70,000 sq m of distribution facilities.
NWL bought the company out of administration where it was placed earlier in the year under the management of Ernst & Young. Its problems were as a result of the difficult economic environment, rising costs (including insurance, fuel and staff) as well as downward pressure on prices from its clients.
The acquisition will increase the size of New Wave’s operations in the UK by approximately 50% and follows the recent small scale acquisition of TTG-Edam in the Dutch logistics market. In a further indication of the rapid growth of the company, New Wave also announced a deal with warehouse provider Prologis for a 15,000 sq m facility in Frankfurt to accommodate a contract with Japanese car manufacturer, Toyota. This brings its total European distribution facilities to over 400,000 sq m serving a diverse range of clients from many different industry sectors.
