Lindsay Australia is to acquire SRT Logistics, Tasmania’s largest provider of refrigerated supply chain solutions.
The $108.2 million deal, which is expected to be finalised by June 30, will create Australia’s largest refrigerated logistics network.
Under the helm of CEO and majority shareholder Robert Miller, SRT Logistics will continue to operate as a wholly owned subsidiary of Lindsay Australia, with all key management continuing in the combined entity.
SRT Logistics, founded 29 years ago as a small family business in Tasmania, has grown to employ more than 420 people with operations expanding to Victoria in 2008 and more recently to New South Wales and Queensland.
SRT employs more than 400 staff across four states. Image: SRTLindsay Australia, established 70 years ago, employs more than 1500 staff across mainland Australia and offers specialist services including fumigation, quarantine and import/export services.
In the announcement today, Lindsay CEO Clay McDonald, said SRT is a quality business that has created a compelling position in a market with positive growth characteristics.
“The acquisition demonstrates disciplined execution of our “Grow the Network” strategy,” McDonald said.
“It will be a transformative event for Lindsay Australia and our shareholders through the creation of a truly national service offering for our customers. SRT is the clear market leader in the Tasmanian refrigerated transport market.
“Together, both businesses demonstrate strong operational and cultural alignment with the combination creating compelling opportunities for growth, synergy realisation and competitive advantage.”
Chair of the Lindsay Board of Directors, Ian Williams, added that Robert Miller has successfully built a market-leading business and possesses deep industry connectivity and relationships.
“We are thrilled to have him join the Lindsay Board and believe his almost 30 years’ transport industry operating experience will further strengthen our strategic decision-making.”
Miller, who will become an executive director on the board, said integrating within Lindsay’s network represents a logical and highly compelling next step in SRT’s commercial evolution.
“This transaction underscores our commitment to delivering superior customer service while enhancing operational efficiencies and expanding our geographic footprint. I look forward to leveraging the combined expertise to deliver further value to our customers and employees.”
“My decision to join the Lindsay Board is reflective of the strength of the merged entity. Lindsay’s clear track record of strategy execution and leading market position have forged a strong operating platform with a highly attractive outlook.
“I have been deeply impressed by the Lindsay team and am excited about the opportunity to work with them in driving continued growth and success.”
Under the agreement, the Miller family, who own SRT Logistics, will become Lindsay’s largest shareholders with a combined stake of approximately 12.8 per cent.
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