QUBE on Monday (1 May) announced it had acquired Australian bulk logistics provider Kalari, as well as a 50% stake in New Zealand container logistics company Pinnacle Corporation.
Pinnacle operates port-based and standalone facilities in nine locations throughout New Zealand under its wholly owned Specialised Group and MetroBox brands.
Pinnacle provides customers with a range of services including container storage and handling (empty container parks), refrigerated container maintenance and repair, container transport and warehousing.
Qube managing director Paul Digney said the transaction would provide Qube with a unique opportunity to gain an initial exposure to the New Zealand container logistics market, with significant longer term organic growth opportunities.
“I am very pleased that Qube has acquired a 50% share in this very well-regarded and established player in New Zealand’s freight and logistics sector, with a high performing and quality workforce,” he said.
“This joint venture is consistent with our strategy for growth and geographic diversification within Qube’s core strategic focus, and builds on Qube’s existing port logistics presence throughout New Zealand, under the ISO brand.”
Pinnacle managing director Grant Tregurtha said the joint venture is a significant and exciting opportunity that will result in a strong and dynamic presence in the New Zealand market.
“The combination of strengths from both companies will better serve customers, promote innovation and provide greater opportunities for future growth and expansion,” he said.
“We look forward to the future and the many possibilities this will bring.”
Qube also announced that it has acquired Kalari from Swire Investments (Australia).
Kalari is a logistics provider to the Australian mining and resources industry, specialising in on-road and remote bulk haulage through a fleet of predominantly performance-based standards vehicles, materials handling and supply chain optimisation.
Kalari currently services a range customers with significant mining operations, predominantly across Queensland and South Australia.
Mr Digney said Kalari’s operations are complementary with Qube’s existing bulk mine to market and mine resupply operations and the acquisition offers a number of synergies, as well as an opportunity for Qube to strengthen the Kalari offering through its rail and port infrastructure.
“Kalari is a natural fit for our business, providing us with an excellent opportunity to expand our inbound mine resupply services, and opening new markets and regions for Qube, including in future focused critical minerals,” Mr Digney said.
“For over 45 years, Kalari has established and maintained a strong customer base and built a high performing team with a strong culture and similar values to Qube. I am delighted to welcome this trusted and respected team in the mining services industry to the Qube family.”
Kalari managing director Peter O’Shannessy said he was confident Kalari’s track record of success would continue under Qube’s ownership.
“I am very pleased for our people and our customers that we’ve been able to reach an agreement for Qube to acquire Kalari and I am confident that the business will make a significant contribution to the ongoing success of Qube,” he said.
Qube said the total consideration for both transactions is expected to be about $145 million.
