Toll stays on acquisition trail
Australia’s fast expanding Toll Group, which claims to be the largest logistics and transportation provider in the Asia region, has acquired two UK freight forwarders.
Toll’s acquisition of WT Sea Air Group and Genesis Forwarding Group follow its purchase of express network DPEX from Qantas in June and Australian transport company Concord Park in May.
WT imports fashion garments from Asia for UK retailers and also has a Hong Kong arm. Genesis specializes in defence, aerospace and energy logistics. The two companies employ 650 people in the UK, Ireland, Asia and North America.
Toll Group MD Paul Little said: “These acquisitions provide significant scale to our forwarding division in Europe.” WT is expected to generate revenue of $150 million and Genesis $70 million this year.
However, Toll is selling its 50 percent stake in Pacorini Toll, an Italian joint venture operating in the metals logistics sector, which Little said was "not a core asset".
