EMC Helps Genesis Move Down Under As Part Of A$150m Deal
The Eastbourne-based Genesis Forwarding Group has been acquired by the giant Australian Toll Group in a A$150 million double deal also involving the WT Sea Air Group based in Harmondsworth, Middlesex.
Both companies now become part of the Toll Group, the Asian region's leading provider of integrated logistics, which generates revenues in excess of A$6.5 billion and employs more than 35,000 people in 55 countries.
Genesis, which was formed in 1986, was advised on the sale by EMC Corporate Finance chief executive Nik Askaroff who has had a ten-year relationship with the company as both a non-executive director and mergers and acquisitions adviser.
He said: "Having been advising Genesis for so long on its acquisitions and group strategy, it was very satisfying to see the shareholders exit to such a strong buyer. The deal not only gives excellent value but also secures the business and its staff for the future."
Both Genesis and WT Sea Air Group will sit within the Toll Global Forwarding (TGF) Division in Europe and will combine to provide significant extra scale to the operation. Between them they are expected to generate revenues this year of A$250 million, helping to place TGF within the top half dozen forwarders in the UK.
Toll Group managing director Paul Little said: "Genesis specialises in the provision of complex and mission-critical international multi-modal freight, predominantly in the defence, aerospace, and oil and gas industries across Europe, the USA, Asia Pacific and the Middle East. These market segments are very attractive additions to the general TGF business.
"WT and Genesis together employ around 650 people in the UK, Ireland, Asia and North America. They have offices spread around the UK allowing TGF to offer more comprehensive services in the second largest forwarding market in the EU."
Doug Currie, chief executive of Genesis, said: "A deal like this, with its trans-continental and tri-lateral complications, needed great skill and experience to negotiate and complete.
"Nik and his EMC colleagues have been a huge support to our business over the years and their advice throughout this process has been invaluable."
ABOUT EMC
EMC is the leading independent provider of corporate finance, interim management and operational support to small and medium sized businesses in the South East. The firm has offices in Eastbourne, Maidstone, Crawley, Brighton & Hove and Chichester.
Formed in 1989, EMC pioneered the concept of the ‘mobile boardroom' - a multi-disciplined taskforce capable of providing top-level support and advice to businesses on a short or long-term basis.
All EMC's consultants are senior professionals with extensive hands-on experience of running both large and small businesses. They work across the main business disciplines - finance, sales, marketing, manufacturing and IT - to provide interim management (particularly finance directors), strategic planning, sales training, exporting, e-commerce and general business advice to businesses of all sizes and across all sectors.
EMC has also helped scores of owners/directors plan and achieve successful business sales, acquisitions and mergers as well as raise capital, fund debts or restructure their finances.
For more information, visit the website at www.emcltd.co.uk, email contact@emcltd.co.uk or call 01323 410144.
Issued on behalf of EMC Management Consultants Ltd by David Bosley Associates Ltd. Contact: David Bosley (Tel. 01424 732904)
July 27 2010
