Freight firm snaps up New Zealand Kiwi Express
Freightways has added another courier company to its stable, paying $3.5 million for Kiwi Express. “We think it will be a great complementary fit with the rest of the courier businesses we operate under the Freightways banner,” managing director Dean Bracewell said. Freightways had no plans to make any changes to Kiwi Express, he said. Despite being a small company, Kiwi Express was well established in the point-to-point delivery market in Auckland and Wellington and had a stable customer base. For the year to June next year, Kiwi Express is expected to add NZD700,000 of ebitda earnings to Freightways. The purchase had been funded using existing finance facilities, Mr Bracewell said.
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