Transport and logistics company, Toll Global Express, which recently rebranded to Team Global Express (TGE), has refinanced $250 million of debt with the Commonwealth Bank of Australia (CBA).
The funding will reportedly underpin TGE’s business transformation and provide additional liquidity to support further investment into the business and fund its growth plans.
The company aims to be the most sustainable national logistics solutions partner, as demands for national deliveries continue to accelerate and the business leans into the changing demands of consumers, e-commerce trends and emissions reductions targets.
Christine Holgate – TGE CEO – told Nine Entertainment Company the announcement is reflective of the strong momentum of the TGE business since it was acquired by equity firm, Allegro Funds, a year ago.
“In our first year we have achieved 16 per cent revenue growth, invested in the business, and improved our profitability,” said Holgate.
“We have more work to do, but our results combined with our new agreement with CBA, underpin a stronger future for our group.
“I want to thank the Commonwealth Bank team, particularly Andrew Hinchliff (CBA’s Group Executive, Institutional Banking and Markets) for working with the Global Express Team to make this agreement possible.
“As we continue to simplify, transform and grow the Team Global Express business, we are pleased with our progress achieved by putting the focus back on our people and customers.”
Hinchliff said TGE’s momentum and strategic direction position it well to meet strong demand for sustainable solutions across Australia’s transport system.
“We’re pleased to support TGE’s continued transformation through the provision of this loan facility, which demonstrates CBA’s structuring capability and supply chains expertise,” he said.
“We look forward to continuing to work closely with Christine and the TGE management team as they further invest in the business, and in a range of exciting new sustainability initiatives. Supporting Australia’s transition to a brighter, more sustainable future is a strategic priority for CBA, and it aligns well with the goals of TGE.”
Samuel Anketell commented on the announcement via LinkedIn: “As a truck driver with [TGE] and only a small cog in the machine, I’m extremely proud to be part of this machine and having Christine Holgate at the wheel makes me really hopeful of a prosperous future. Excellent work Team.”
Allegro Funds Managing Director, Adrian Loader, added: “Thanks Avin Luther and the whole CBA team for your trust and support. Well done to Nick Stratford and Uri Gordon for leading the transaction for Toll Global Express.”
In other news, Toll announced a senior executive appointment.
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