Bethunes Investments Limited has announced it will buy New Plymouth-based transport and logistics business Transport Investments Limited for $200 million.
However, once the purchase goes through, Bethunes will change its name to TIL Logistics Group Limited on the NZX, with a brand new board of directors.
TIL, which generated revenue of $320 million in the last financial year, operates several brands, including Hooker Pacific, TNL, Roadstar, Pacific Fuel Haul, TIL Freight, McAuley’s, MOVE Logistics and NZL.
TIL chairman Jim Ramsay says the company had been considering an NZX listing for some time.
“When the opportunity arose to participate in a reverse listing through BIL we decided this would provide existing TIL shareholders with a commercially sensible, viable and timely path to the NZX.
“We are pleased with the arrangements agreed and look forward to bringing TIL to the public domain with the support of over 300 existing BIL shareholders.”
Bethunes chairman Chris Swasbrook says the company had been looking to make a significant investment for some time.
“Our criteria has been a business which is well established, with strong and sustainable cashflows, considerable growth opportunities and one which will provide long term value for shareholders. Transport Investments Limited meets all these requirements.”
The agreement has to be approved by shareholders of both companies.
