COURBEVOIE, France: Russian Railways (RZD), which purchased 75 percent of the French GEFCO Group from Peugeot-Citroen in 2012 for €800 million, has now used its subsidiary to acquire Dutch-based forwarder IJS Global from private equity fund Nimbus.
Terms of the sale, which is subject to regulatory approval, were not disclosed.
Founded in 2004, IJS Global has around 500 employees and had a turnover of €160 million in 2014. The company specializes in pharmaceuticals, humanitarian relief, high-tech, oil & gas, aerospace and fashion business sectors.
GEFCO said the acquisition would allow it to develop services between China, South-East Asia, Australia and the USA while extending its European network in the UK, Netherlands and Germany.
Commenting on the acquisition Luc Nadal, chairman of the GEFCO management board said: "The acquisition of IJS Global is fully in line with our development strategy. This operation will allow GEFCO to enhance its position as the preferred partner of international industrial companies. Our mission is to bring value to our customers' supply chains while enabling them to achieve greater growth and competitiveness. "
Sjoerd Van Loon, CEO of IJS Global added: "We are delighted to join the GEFCO Group, a global leader in high value-added logistics. The networks of both companies are complementary and will significantly contribute to our service offer in all of the world's key markets. We are looking forward to combining the knowledge and experience of our teams to help us grow. "
GEFCO noted the purchase would enhance its logistics and transport services that include storage, Customs and tax representation and the management of complex supply chains covering 150 countries.
Nadal concluded: "We [now] have all the assets to become a major overseas player for all of our international industrial customers."