Top 100 private carriers 2007
Top 100 private carriers 2007
Read MoreTag: Road Transport
Target Logistics, Inc. Agrees to be Acquired by Mainfreight Limited
Target Logistics, Inc., a domestic and international freight forwarder and logistics provider, today announced that it has signed a definitive merger agreement to be acquired by Mainfreight Limited in an all-cash transaction valued at approximately USD 53.7 million.
Under terms of the agreement, holders of Target Logistics’ common stock will receive USD 2.50 in cash per share of common stock, representing a 36.6% increase over Target Logistics’ closing price on September 17, 2007, a 38.0% premium over the company’s one-month average closing price and a 28.8% premium over the company’s three-month average closing price.
Mainfreight is a global supply chain logistics provider with approximately 3,000 team members based in operations in New Zealand, Australia, Asia and the USA. The Company was founded in 1978 and listed on the New Zealand Stock Exchange (NZX) in 1996, where it is now ranked as one of the NZX top 20 companies. Revenues for the 2007 financial year were NZUSD 968 million, and its strong balance sheet sees Mainfreight well placed for its stated goal of international expansion. (See www.Mainfreight.com for additional information).
Read MoreBibby Line Group acquires majority stake in Costcutter
Liverpool-based Bibby Line Group has taken a 51% stake in the supermarket group, including the previous shareholding held by Icelandic bank Kaupthing. Costcutter’s existing management team and shareholders – executive chairman Colin Graves, managing director Nick Ivel, sales and development director David Thompson, and trading and marketing director Angela Barber – will continue to operate the business. They will be joined on the board by three non-executives from Bibby Group.
Bibby handles the ambient distribution for retail buying group Nisa Today’s. Costcutter, which owns 28 shops and supplies more than 1,500 independent convenience stores, is the largest member of the group. The deal is believed to have valued Costcutter, which has a turnover of GBP 540m and earnings of GBP 13m, at more than GBP 100m.
A spokesman for Bibby Line Group says the company does not wish to comment on the deal. But Graves says it will secure the future of Costcutter and lead to the expansion of the business, which currently employs 450 people. He adds: “This secures the company forever and a day. Bibby is not into short-term investments. The main reason for selling was to secure the long-term future of Costcutter.”
Read MoreLogistics Map of Russia
Logistics Map of Russia
Read MoreMenlo acquires Shanghai-based 3PL for US$60m
Menlo Worldwide has signed a definitive agreement to purchase Chic Holdings and its wholly owned subsidiaries Shanghai Chic Logistics and Shanghai Chic Supply Chain Management.
Menlo is acquiring Chic Holdings, its assets and subsidiaries for a cash payment of US$60 million plus an undisclosed future earn-out incentive based on its performance.
Headquartered in Shanghai, Chic Logistics provides domestic 3PL and transportation management services in The People’s Republic of China. The company has 130 operating sites in 78 cities, and generated revenues of US$55.2 million in 2006, a 40% increase over 2005.
According to Menlo Worldwide president Robert Bianco Jr, this is the most strategic acquisition in Menlo’s history.
Menlo’s China operations will be based at Chic Logistics’ headquarters in Shanghai. Combined, the two companies will operate from 139 sites in 79 cities, with nearly 180,000 m2 of warehouse space under management.
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