Toll Group’s Managing Director, Paul Little, said: “These two UK headquartered acquisition combine to provide significant scale to our Toll Global Forwarding (TGF) division in Europe.”
The Asian integrated logistics company, Toll Group, generates revenue in excess of A$6.5 billion.
WT is expected to generate revenue this year of around A$170 million and Genesis’ revenue is likely to meet A$80 million, according to Little.
“Importantly, the two acquisitions we are announcing today place TGF in the top half dozen forwarders in the UK,” he added.
WT is a UK inbound business from Asia, specializing in the provision of global forwarding and value added services, including bonded warehousing, pick-pack, garment re-hanging, vacuum packing and final mile delivery services.
Meanwhile, Genesis’ specialty lies in the provision of complex and mission critical international multimodal freight, predominantly in the defence, aerospace and oil & gas industries across Europe, the U.S., the Asia Pacific and the Middle East.
The acquisition of the two companies will generate over A$250 million in revenue and are both expected to be EPS accretive in year one based on the combined purchase price of around A$150 million.
The Group also announced it has concluded the sale of its 50 percent interest in the Pacorini Toll joint venture to the Pacorini Group.
“While the joint venture has been a successful business since its formation, it was decided that the ownership interest was not a core asset for Toll,” concluded Little.
Edited by Chris Farnell