UK-based Keswick Enterprises Group today announces that it has reached agreement to sell its Tibbett Logistics subsidiary in Romania to Yusen Logistics (Europe) BV. The disposal is subject to Romanian Competition Council approval, and is expected to complete before the end of the year. The consideration is not being disclosed.
John Harvey CBE, Executive Chairman of The Keswick Enterprises Group, said:
– 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 charities1. 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.
Yusen Logistics (Europe), based in Amsterdam in The Netherlands, is a rapidly growing 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.
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.
On completion and approval by the Romanian Competition Council, Tibbett Logistics will become a wholly owned subsidiary of Yusen Logistics (Europe). All management and staff will move across on their existing terms and conditions and in the same work locations. This includes David Goldsborough, Tibbett Logistics’ CEO.
In addition, Gavin Withers, currently Chairman, will remain as Deputy Chairman of Tibbett Logistics while also retaining his main board directorship at Keswick Enterprises. John Harvey, Executive Chairman of The Keswick Enterprises Group, will have an advisory role with Yusen Logistics, and so will continue to be involved in Tibbett Logistics’ developments in Romania.
The Keswick Enterprises Group’s remaining European supply chain interests include freight forwarding, contract logistics, co-packing/contract packing, recycling, e-fulfilment, procurement and logistics consultancy. The Group remains an active investor in supply chain related businesses in the UK and mainland Europe.