New Zealand freight and logistics company, TIL Logistics Group has announced the acquisition of Specialised Lifting and Transport Group (SLTG).
SLTG is a leading New Zealand business providing heavy haulage and specialised freight services with brands including Tranzcarr Heavy Haulage, Machinery Movers and Huge Movers.
Tranzcarr Heavy Haulage specialises in the movement of heavy and over-dimensional items throughout New Zealand and overseas and complements TIL Logistics’ existing heavy haulage business, Multi-Trans Heavyhaul.
The acquisition, valued at $19 million, enhances NZX-listed TIL Logistics’ position as a leading heavy haul transport provider in New Zealand.
Machinery Movers provides entry into a new sector for the company. It specialises in the extraction, transportation and installation of large machinery, and operates the country’s most comprehensive fleet of general and specialised trucks and trailers, custom lifting gear and associated equipment including the largest and most diversified fleet of specialised trailers to cater for the construction industry.
Huge Movers provides advisory services on the moving and transportation of large items.
The agreement to acquire Specialised Lifting and Transport Group (SLTG) is unconditional and settlement is expected to occur by the end of October 2018.
Of the $19 million purchase price, $15 million (less employee liabilities being assumed by TIL Logistics) will be paid in cash funded through existing facilities with ASB Bank, and the remaining $4 million through the issue of new TIL Logistics shares at an issue price of $1.50 per share.
