EMC helps Genesis to move Down Under

The 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 and has its headquarters in Eastbourne, was advised on the sale by Maidstone firm EMC Corporate Finance whose chief executive, Nik Askaroff, 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.”