Deal For International Freight Group

Genesis Forwarding Group Bought by Toll Global Forwarding

15.07.2010

UK Based international freight business Genesis Forwarding Group has been sold to Toll Global Forwarding, the Australian stock market listed freight business.

The Genesis Group, which was advised on the deal by law firm Irwin Mitchell, was founded in 1986 and has a £45m turnover with five UK offices, four US offices and representation in Asia and the Middle East. The group handles imports, exports, air, road and ocean freight, logistics, supply chain management, freight management, consignment tracking, documentation, packing, storage, warehousing and distribution.

Toll Global Forwarding, which was represented by Clifford Chance, generates revenue in excess of AUS$6.5 billion and employs over 35,000 people in 55 countries. As well as acquiring Genesis, Toll has also acquired WT Sea Air Group, bringing the total deal value for the two acquisitions to AUS$150m.

James Bullock, the Corporate Partner who led the Irwin Mitchell team advising Genesis, said: "This is a great deal for both companies, building on Genesis' success of the last 24 years, joining forces with Toll Group to become part of a major worldwide powerhouse.

"It's extremely encouraging that following uncertain economic times there are businesses that are pushing ahead with strategies for growth. Businesses that have proved to be sustainable throughout the recession with healthy margins still intact and have real opportunities to grow are driving the market forward."

The current Genesis management team is being retained in the business. Doug Currie, Genesis Forwarding Group Chief Executive, said: "This is a tremendous new beginning for everyone associated within the Genesis Group. In its 24 years as a privately owned forwarding company, Genesis has built a reputation for providing a high quality service to its clients.

"Now as an important constituent of Toll Global Forwarding, this will open up many opportunities for us and we are looking forward to maximising the full potential that this acquisition has to offer, and I have no doubt that the Genesis Group as part of the Toll organisation will go from strength to strength.

"I can also highly recommend the services of Irwin Mitchell in general and in particular James Bullock and Adrian Massey; both of whom were exceptionally professional and excellent communicators and they made a major contribution to the final outcome and the successful negotiations which took place."

Paul Little, Managing Director at Toll Group, said: "This deal further demonstrates our strategy for growth and development in the UK and European market. Genesis is a major freight network and will prove to be a key component of Toll Group."