Port of Tauranga Acquires Quality Marshalling
Posted on 12th December 2012Port of Tauranga today announced that it has acquired Quality Marshalling Limited effective from 1 February 2013.
Port of Tauranga Chief Executive, Mark Cairns, says the primary objective of the acquisition is to maintain the Port's presence in the forest industry supply chain as a core and strategic component of our business.
Port of Tauranga will purchase 100% of the shares in Quality Marshalling for $34 million. The revenue for the 2012 year was $18.0 million. The acquisition is expected to be immediately earnings per share accretive.
"Our purchase of Quality Marshalling will enable us to further develop our customer supply chain relationships", says Mr Cairns.
Mr Cairns says Quality Marshalling is a logical choice as a business partner because of the compatibility with Port of Tauranga. "The Company is privately owned by Ken Holmes and has long-serving staff with a ‘can do' approach to customers and a strong focus on innovation. We look forward to working together to grow the company for the benefit of our customers. Quality Marshalling is a very well run company with excellent growth prospects."
Ken recognised the close alignment between the Port of Tauranga and Quality Marshalling and made the choice to sell Quality Marshalling to Port of Tauranga.
Following settlement, Shayne Jenkins, who has more than 20 years' experience in the forestry export sector, will become General Manager of Quality Marshalling and take over the leadership of the business from Ken Holmes, who will stay associated with the Company in an advisory capacity.
For further details, contact:
Port of Tauranga Limited
Ph: 07 572 8829
About Quality Marshalling:
Quality Marshalling is the second largest log marshalling and scaling company in New Zealand, handling approximately 2.5 million cubic metres of logs at Mount Maunganui and Northport.
Quality Marshalling also has operations at:
• Kopuriki Log Yard, Murupara
• Waipa Sawmill, Rotorua
Quality Marshalling has been operating since 1991 and currently has 133 employees.