KUALA LUMPUR, Nov 20 (Bernama) -- Global supply chain solutions provider, AIT Worldwide Logistics, has entered into a binding purchase agreement to acquire Lubbers Logistics Group, a European logistics company specialising in high-value, complex, and time-sensitive transport services.
The purchase will serve as a significant milestone for AIT as the company continues to expand its global reach and enhance its offerings in road transportation, freight forwarding, and project cargo logistics, particularly in the energy sector.
AIT Chairman and Chief Executive Officer (CEO), Vaughn Moore said this deal will enhance the company’s position in Europe and bolster its presence in the energy sector, allowing it to better serve current customers while creating new opportunities.
“Lubbers’ customer-centric approach to business, as well as their reputation for excellent quality aligns perfectly with AIT’s culture,” he said in a statement.
Meanwhile, Lubbers CEO, Gary Roche said: “Joining forces with AIT Worldwide Logistics is a strategic move that will allow us to continue providing exceptional service to our clients while expanding our reach on a global scale.
“AIT's strong track record and commitment to customer service align with our values, and we look forward to a bright future together”.
AIT's acquisition of Lubbers is expected to be finalised by the end of this year and will be subject to obtaining customary regulatory approvals, however the terms have not been disclosed.
Once the acquisition is finalised, Lubbers' network will add 18 new offices to AIT’s existing global network of more than 125 locations, while expanding AIT’s footprint to four new countries, namely, Denmark, Norway, Romania and Turkey.
Kirkland & Ellis LLP and NautaDutilh N.V. are both serving as legal counsel to AIT on the acquisition. Meanwhile Nielen Schuman B.V. and Loyens & Loeff N.V. are serving as financial advisor and as legal counsel to Lubbers, respectively.
-- BERNAMA
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