Toll Group, the Australian listed provider of integrated logistics, has acquired Genesis Forwarding Group Ltd, a leading global freight forwarder specialising in the Aerospace, Defence and Oil & Gas sectors. Livingstone advised the shareholders of Genesis on the sale.
Genesis specialises in the provision of complex and mission critical international multi-modal freight across Europe, the USA, the Asia Pacific and the Middle East. Founded in 1986 by its three directors, Genesis was previously an investee company of private equity group 3i before returning to full private ownership under its founders. Genesis has developed an enviable reputation for efficient operating practices and a focus on delivering innovative solutions for difficult shipments.
Livingstone first established a relationship with Genesis’ founders in 2005 and was approached to handle the disposal as part of a managed succession plan. Despite wider turmoil in the industry, Genesis has experienced rapid growth and represented a valuable strategic platform for an acquirer. Livingstone identified Australian Toll Group as an acquisitive company with an appetite to expand in the UK, following their acquisition of BALtrans in 2007. The management team from Genesis will all remain with the business to drive future growth.
Doug Currie, Chief Executive of Genesis, comments: “The Livingstone team identified in Toll a true strategic purchaser looking to benefit from the expertise Genesis has built up. Our markets are expanding rapidly and with the support of a larger group ownership our customers and staff will be able to work together more effectively than ever before. He added: “Livingstone understood our absolute intention not to sell-out on our people or values and they literally travelled the globe to deliver that for us.”
Patrick Groarke, Partner at Livingstone, added: “Genesis was unusual for its consistently strong financial performance and growth in the logistics market, so we needed to carefully analyse the unique benefits it would bring to a new owner in order to maximise value. The deal with Toll proves the value of our diligent approach to making deals happen and our global reach in the mid-market.”