Australian logistics company, Qube Holdings, has acquired a 50 per cent stake in a New Zealand group of companies, as well as 100 per cent of bulk logistics company, Kalari.
Acquiring Wellington-based Pinnacle Corporation will allow the company exposure to the New Zealand container logistics market for the first time, with longer-term organic growth opportunities a possibility, the company said. The dual purchase of Pinnacle and Kalari is worth $145 million.
Qube Managing Director, Paul Digney, said the joint venture is consistent with Qube’s strategy for growth and geographic diversification within the company’s core strategic focus.
Pinnacle Corporation operates both port-based and stand-alone facilities in nine locations throughout New Zealand and employees about 300 people. It provides a range of services, including container storage and handling, refrigerated container maintenance and repair, container transport and warehousing.
Meanwhile, the acquisition of Kalari Proprietary Limited from Swire Investments is expected to enhance Qube’s existing resource logistics offering and deepen its exposure in Australia.
Kalari, based in Melbourne, is a leading logistics provider to the Australian mining and resources industry, specialising in on-road and remote bulk haulage predominately across Queensland and South Australia.
The acquisition of both companies will be funded via Qube’s existing undrawn debt facilities in Australia and New Zealand.