Allcargo Logistics to acquire controlling stake in the Dutch firm FCL Marine
Allcargo Logistics Ltd has acquired controlling equity stake in Netherlands-based logistics company FCL Marine Rotterdam through its wholly-owned arm Ecuhold NV, as per a stock market disclosure. The financial terms of the acquisition, however, have not been shared.
“With Ecu Line’s global leadership as a neutral LCL (less container load) provider with a network across 90 countries and 200 own offices globally, its acquisition of FCL Marine Agencies Rotterdam, is a step forward to consolidate its global leadership and cater to its customer’s request for a neutral customer FCL (full container load) services through its global network and benchmark services,” Allcargo said in the stock market filing.
FCL Marine was founded in 1988 in Rotterdam, the Netherlands. The company is a non-vessel operating common carrier and has been operating as a full load carrier between US and Canada and other countries. It has offices in Ridderkerk, Antwerp, Bremen and Hamburg.
Founded in 1993, Mumbai-based logistics firm Allcargo Logistics operates container freight stations and inland container depots and provides multimodal transport solutions. Its services include ocean, air and land logistics, as well as LCL consolidation, FCL forwarding, multi-city consolidation, container freight logistics, warehousing, project cargo movement and cargo consolidation.
In September this year, Allcargo Logistics acquired US-based logistics firm Econocaribe Consolidators for an undisclosed amount.
Blackstone holds around 14.4 per cent stake in the firm. The PE firm had invested in the company in early 2008, when the stock market had just started retracing its steps after the bull market peaked out. Its investments are currently underwater.
Allcargo Logistics is also backed by New Vernon Private Equity. Shares of Allcargo closed at Rs 107, down 1.11 per cent on the Bombay Stock Exchange in a strong Mumbai market on Wednesday.
(Edited by Joby Puthuparampil Johnson)