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A Month of Deals and Acquisitions

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A Month of Deals and Acquisitions NEW TEAM. new era. NEW ZEALAND scania SP2041-Front-Page-Banner_210x20.inddTHE NEWS SOURCE 1 FOR TRANSPORT, LOGISTICS & HEAVY EQUIPMENT 30/09/19 10:49 AM NOVEMBER 2019 A month of deals and acquisitions Southpac set for t’s been a busy month for deals and A ‘strategic asset’ DAF Euro 6 acquisitions in the transport industry The Freightways deal will see it take p6 Iwith a number of major moves taking over Big Chill’s fleet of more than 200 place for both freight operators and temperature-controlled trucks and trailers dealerships. around the country. New dealer This includes the sale of Big Chill The fleet delivered two million shipments Distribution to NZX-listed Freightways in 2018 through its nationwide network of principal for for more than $117 million, the sale depots and purpose-built cool stores. of Tomoana Warehousing to Booth’s It is a New Zealand market leader Keith Andrews Transport, and the sale of South Island- in temperature-controlled transport, based Prestige Commercial Vehicles to specialising in fast-moving consumer p12 dealership Trucks and Trailers. goods (FMCG) and time critical parcel The NZ$211 million sale of New Zealand- freight, both chilled and frozen. based heavy equipment company Gough Freightways has agreed to purchase Hillside gets $20m Group to Malaysian firm Sime Darby has 100% of the shares of Big Chill, subject to also been approved by the Overseas Overseas Investment Office approval, with boost Investment Office. completion of the acquisition expected to p16 Continued on page 2 Affordable electronic RUC for light vehicles $25 per month Do you want to move away from a paper licence and automate the RUC process? Find out more: 0800 376 237 • eroad.co.nz/ruc-for-light NEWSTALK Continued from page 1 occur in the first half of 2020. The acquisition involves an initial payment of $117 million, representing 80% of an agreed enterprise value for Big Chill, and a final payment later in 2022. Freightways chief executive Mark Troughear says the acquisition “represents a highly compelling transaction and will provide Freightways with both short and long-term growth opportunities, while further diversifying its earnings base”. Booth’s buys Tomoana “Big Chill’s founders and senior Booth’s Transport has purchased Hawke’s management have done a fantastic Bay-based Tomoana Warehousing and job growing the business and we look both will continue to run as separate forward to working together, recognising entities. the strong cultural alignment between our The same staff and management two businesses,” he says. structure will stay in place under Booth’s Freightways says the purchase makes transport executive team governance sense as high quality temperature- and ownership which was effective from controlled fleets and facilities is an October 31, 2019. attractive industry, with increasing Tomoana Warehousing managing director Stewart Taylor will remain at the helm for 25 years, and also has 120 employees consumption of fresh and frozen foods. and a fleet of 65 trucks. “Fresh food is a necessity which exhibits in a newly appointed executive director The sale means Trevor will step away resilience to economic cycles,” it says. role, as well as fulfilling the role as interim from the transport industry and focus Big Chill’s national network of general manager. the rest of his time on his other passion temperature-controlled third-party (3PL) The company says the acquisition has – property development. logistics facilities and delivery fleet is come about from the desire to “tackle This includes a 10-hectare development considered “a strategic asset in New some of the challenges in recent times as part of a major food hub in the Zealand’s food supply chain and its head on” as well as the retirement of Hawke’s Bay next to Heinz Wattie’s’ main established cold storage 3PL strategy Tomoana Warehousing founding director production plant. provides a compelling avenue for future Trevor Taylor. Stewart says the transport industry is expansion”. “The Taylor family, firstly through Trevor and later Stewart, has been synonymous “fast paced “ and “dynamic” and property Freightways says the chilled and frozen development allows Trevor to go at his delivery service adds another dimension with both logistics and the Hawke’s Bay for over 40 years and we want to own pace. to its operations and also complements Meanwhile, Booth’s Transport director its express package capabilities. especially acknowledge and thank Trevor Trevor Booth says moving forward it will The acquisition is set to be complete for his unwavering commitment to the be business as usual for both entities. toward the end of Freightways’ June 30, logistics industry, Tomoana and the wider Booth’s is largely involved in curtain- 2020 financial year. Hawke’s Bay community,” the company says. sider transport and Tomoana brings more “From all of us we wish Trevor all the best services such as flat deck and container in his retirement and trust he will enjoy transport. some well-earned down time.” The two companies have had a long Stewart says the sale has been on the association and also shared the same horizon for many years with his father Tauranga facility together for more than Trevor looking to retirement. three years. “It was an approach from us and we’ve “Tomoana is a good fit and complements been in discussions for a long period of our business extremely well,” Booth says. time. “We have been growing really strong “It’s an exciting time … I love the industry over the last five years but it’s all about and now we have the support of another sustainable growth … This is a large family business,” Stewart says. acquisition and a big change for us. Tomoana has 120 employees and a fleet “Tomoana has a very strong brand and Mark Troughear of 68 trucks. Booth’s has been running Continued on page 3 2 | TRANSPORTTALK NOVEMBER 2019 | www.transporttalk.co.nz NEWSTALK Continued from page 2 Keith Andrews takes on European, Japanese and American design and technology – all within the a strong customer base and we will Freightliner Daimler Trucks family. continue with that,” Booth says. Keith Andrews Trucks is now an “While this is a natural progression for our The companies also sent a statement to authorised North Island Freightliner business, it is also the result of hard work, customers, suppliers and staff thanking dealership, in a move that strengthens its dedication and consistency in delivering them during the transition. position as a leading Daimler commercial the highest level of expertise and “Your continued support and patience vehicle specialist. customer service for operators across the over this period is greatly appreciated as Sales, parts and service for the full North Island. We are very excited for the we are aware it has had an effect at times Freightliner range are now available future,” Andrews says. on our service reliability in recent months, at Keith Andrews dealerships in particularly at Tomoana, not to mention Auckland, Hamilton and Whangarei, the uncertainty it created. with sales also at its Tauranga branch. Green light for $211m sale “This acquisition has been undertaken The expansion of its Freightliner offering The $211 million sale of New Zealand- to tackle these challenges and strain is the latest stage in the continued based heavy equipment company Gough on resources head on and we want to growth of the Keith Andrews network. Group to Malaysian firm Sime Darby reassure all customers and suppliers that The dealership started in Whangarei in has been approved by the Overseas the main driver behind this is to ensure 1991 as a dedicated Fuso dealership. Investment Office. we continue to expand on the service Since then, the business has grown to The OIO says it is “satisfied” the offering and support you have become become one of the largest commercial applicant, Sime Darby Berhad, ticks the accustomed to,” it says. vehicle dealers in New Zealand. right boxes and “the individuals who will “Tomoana and Booth’s are both family run Keith Andrews is also an experienced control the investment have the relevant companies that share a huge amount of Mercedes-Benz specialist, covering business experience and acumen and synergy with regards to core values. Both sales, service and parts for the Northland are of good character”. pride themselves on their service, safety region from its base in Whangarei, and “The applicant has also demonstrated and compliance obligations to staff and for Waikato from its Hamilton branch, with financial commitment to the investment,” customers. parts and service support in Auckland. the OIO says. “Under this new ownership model, we Freightliner parts and service support has Gough Group has the local Caterpillar believe all stakeholders will benefit operated from the Whangarei dealership dealerships with service territory in New hugely from shared resources, systems for the past 15 years. Zealand and interests in the transport and processes, through access to a “The addition of full Freightliner services and materials handling business in New broader network geographically and a under the Keith Andrews banner, Zealand and Australia. wider range of service offerings. alongside Mercedes-Benz and “In addition to this we see other exciting Fuso, cements our status as the opportunities too with increased North Island’s go-to Daimler capability in key areas like resource dealer,” managing director sharing, sales, health and safety, training Kurtis Andrews says. and IT to name a few. “Collectively, these brands “Lastly, we are confident and excited represent premium options about the alignment of these two highly across a wide range of regarded businesses and believe it applications, offering leading Kurtis Andrews provides a fantastic platform for growth and opportunities for all our staff, customers and suppliers,” the company says.
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