ISTANBUL: Netlog, one of Turkey's largest logistics groups, together with its partner Belgium-based Belspeed is to purchase the TNT Fashion Group.
Terms of the sale have not been disclosed and the deal is expected to be completed in the second quarter of 2014. TNT Express says the move is part of its strategy to focus on core activities.
Netlog Logistics Group is Turkey's largest logistics and transport company with an annual turnover of over US$500 million. The company has activities in retail, fashion, food, fast-moving consumer goods, automotive logistics as well as in cold chain distribution and warehousing. The group of 15 companies is owned by the Cak family and Yildiz Holding, one of Turkey's largest conglomerates with a consolidated turnover of US$11 billion.
Created in 1983, Belspeed is a fashion and lifestyle 3PL focused on retail, wholesale and business-to-consumer e-fulfillment sectors. With annual revenues of US$35 million, the company provides supply chain and logistics services out of Belgium and the Netherlands to 28 countries in Europe.
Headquartered in Oldenzaal, the Netherlands, TNT Fashion Group offers supply chain services for the fashion and lifestyle industry, including warehousing, packing/repacking, distribution, retailing and e-fulfilment services.
According to Netlog, the combination of Belspeed and TNT Fashion will produce a European market leader in fashion, lifestyle and e-commerce logistics with annual sales in excess of €150 million supported by 1500 employees.
The CEO of the newly combined group, Belspeed co-owner Johan Milliau, commented : "Since our management buy-out supported by Saffelberg Investments, we have discovered the exciting growth market of fashion and lifestyle...Now we are looking at a quantum leap in our development, more than quadrupling in size. Over the past years we have developed a strong partnership with Netlog Group and the family Cak, which resulted in joint operations in Turkey last year.
"Combining forces with a successful and well-run company like TNT Fashion makes us the reference in fashion & lifestyle logistics in Europe. Our next expansion will be in the USA, Eastern Europe, Middle East and Asia, regions where our customers ask us to offer the same high end service as we do in Western Europe and Turkey," he added.
Gokalp Cak (left), Netlog Logistics Group vice chairman noted: "Approximately 65 percent of our turnover is generated by domestic logistics where we have developed massive expertise. For the past three years we have done local acquisitions within Turkey to complete our services scope. Now we aim to become a recognized and a preferred partner across Europe, the US and the Far East. TNT Fashion is a perfect fit in our development. The company has a highly successful management and is strategically in the best location for European Logistics dealing with North America. Together with our partner Belspeed, we are in for exciting times."