Wilh. Wilhelmsen Holding ASA: Qube makes AUD 119 million strategic acquisition to drive further growth
Saturday, 25 February 2012 | 00:00
Friday, Qube Logistics announced that the group has reached a binding agreement to acquire Giacci Holdings Pty Limited ("Giacci"). Wilh. Wilhelmsen Holding ASA (WWH) is the second largest shareholder in Qube.
The Giacci group of companies is a well run, high quality business that operates nationally in Australia, with significant operations in Western Australia. Giacci has built its core business in the mining industry, specifically in mineral haulage and handling, providing mine to port solutions for the majority of its customers and in most instances, assuming full responsibility for the supply chain.
“The acquisition will enable Qube to provide a complete mine to port logistics solution covering transport, stockpile management and stevedoring. This enhanced logistics capability should provide significant opportunities to expand the range of services offered by the Qube group,” says Maurice James, managing director of Qube.
Qube also released its results for the half year to 31 December 2011. The results showed a year-over-year increase in revenue of 37% and increase in EBITDA of 78%, both on a pro-forma basis. The equity market reacted positively to the results and the acquisition announcement, with Qube share price closing at AUD 1.63, up 8%.
The WWH cooperation with Qube started in 2007, when the Wilhelmsen group took an ownership stake in three joint-ventures being part of the then called Kaplan consortium, K-POAGS, K-NSS and K-AAT, with KW Auto included later. Following a share transaction effective 1 September 2011, WWH became the second largest shareholder in Qube with 88 million shares.
Source: Wilh. Wilhelmsen Holding ASA
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