Keswick Enterprises Group announced that it has reached agreement to sell its Tibbett Logistics subsidiary in Romania to Netherlands-based company Yusen Logistics (Europe) BV. The disposal is subject to Romanian Competition Council approval, and is expected to complete before the end of the year. After the approvrals, Tibbett Logistics will become a wholly owned subsidiary of Yusen Logistics (Europe). The consideration is not being disclosed.
“We believe the sale is in the best interests of all stakeholders–Tibbett Logistics’ customers, suppliers, management and personnel, as well as Keswick’s shareholders and associated charities. It represents an excellent fit in terms of skills, sectors, services and geography. Yusen Logistics’ parent company is quoted on the Tokyo Stock Exchange, and will bring the resources and strategy required to reinforce and sustain the continued growth of the business. The move will also provide enhanced opportunities for Tibbett Logistics to participate in pan-European logistics tenders,” John Harvey CBE, Executive Chairman of The Keswick Enterprises Group said.
After making an initial investment in a Romanian freight business in 2005, Keswick Enterprises established Tibbett Logistics in 2010 when it bought out its co-shareholder in the business. The company was then refocused on contract logistics and related activities to capitalise on Keswick management’s previous 12 years’ experience of logistics operations in the country.
Since that time Tibbett Logistics has developed into a Romanian market leader in contract logistics, warehousing, transport and intermodal operations–sustaining an 11.5% compound annual growth rate over the past five years. The business now employs 1300 people across 15 locations in Romania–including the bonded intermodal terminal in Bucharest. Some 87% of revenues are generated through long-term contracts, typically with major multinational companies.
Yusen Logistics, based in Amsterdam in The Netherlands, is a European logistics services provider. It is a subsidiary of the Japan-based international Yusen Logistics Co. Ltd, itself a member of the Nippon Yusen Kabushiki Kaisha group (also known as NYK Line)–one of the oldest and largest shipping companies in the world. Yusen Logistics (Europe) is active in 17 countries across Europe, but currently has no infrastructure in Romania.
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