NTG Road Norway AS acquires the activities of Kontinent Transport AS

NTG Road Norway AS (“NTG Road Norway”), a partner-driven subsidiary of NTG Nordic Transport Group A/S (“NTG”), has entered into an asset purchase agreement regarding the activities of Kontinent Transport AS (“Kontinent Transport”).

Kontinent Transport was founded in 1990 in Oslo, Norway and specialises in road freight forwarding between Continental Europe and Norway. In the financial year ending 31 December 2021, Kontinent Transport generated a revenue of NOK 69.5 million and an EBIT of NOK 0.5 million.

NTG Road Norway commenced operations on 1 April 2020. The acquisition of Kontinent Transport is the second bolt-on acquisition completed since inception, and NTG Road Norway now operates key trade lanes between Norway and Germany, Switzerland, Benelux, Italy, Turkey, as well as multiple Eastern European and Balkan countries.

“The previous bolt-on acquisition in Norway, completed in late 2020, became a testimony to the capabilities of the Norwegian team to integrate and develop new businesses. Whereas the first acquisition added specialist competencies on the trade lane between Norway and Italy, we now expand these competencies to encompass Continental European markets, too. We are pleased to welcome the employees of Kontinent Transport to NTG and look forward to a prosperous collaboration”, says Jesper Petersen, CEO of Road & Logistics at NTG.

Signing and closing of the transaction occurred today, 1 July 2022. The activities of the two companies have been combined as per the same date, and all operations will continue in NTG Road Norway.

Additional information

For additional information, please contact:

Investor relations
Christian D. Jakobsen, Group CFO +45 42 12 80 99

Mathias Jensen-Vinstrup, Executive Vice President +45 42 12 80 90

NTG is logistics partner of Denmark’s largest cycling race

NTG is transport and logistics partner of Denmark’s largest amateur cycling race, ”Tour de Storebælt”, an official side event ahead of Denmark’s hosting of the first three stages of the World’s greatest cycling race, Tour de France.

 On 11 June 2022, when 16,000 riders cover the distances of 25, 100 or 200 kilometres on Zealand and across the Great Belt Bridge (Storebæltsbroen), NTG will provide the logistical framework for the field to cross the finish line safely. The race gives Danish and international amateur riders an earnest of the historical event taking place three weeks later, when Denmark hosts the first three stages of Tour de France – Grand Départ Copenhagen Denmark 2022.

”From a logistical point of view, Tour de Storebælt is one of the most intense sports events ever arranged on Danish soil”, says Søren Holck Pape, CEO Air & Ocean at NTG. ”We are sincerely happy to support as transport and logistics partner at this particular event, arranged as an amusing experience for a lot of people, while marking a milestone in Danish cycling history”, he continues.

For NTG, the job as transport and logistics partner includes:

  • Design and operation of all logistic centres in the start towns and the finish area
  • Packing, loading, and unloading of all trucks
  • Management of storage facilities before, during and after the event
  • Transport of a total of 4,200 riders and their bikes – corresponding to more than 50 fully loaded trucks and more than 70 bus rides on the day of the race.

To manage this huge and complex transport and logistics task, NTG, in addition to own employees, will make use of external support from volunteers, and engage temporary staff as well as bus and truck drivers.

NTG already holds extensive experience from larger sports events. Within the last year, NTG has acted as logistics coordinator appointed by Danish Sports Confederation (DIF) to support the Danish athletes of the Olympic and Paralympic Games in Tokyo as well as at the Winter Olympic Games in Beijing. Tour de Storebælt adds significant further experience.

Our extensive experience within sports arrangements helps minimising the risk of making mistakes, but no guide exists when it comes to an event like this, as nobody has tried it before”, says Thomas Holm, Product Development Manager and responsible for the event at NTG. “We have made strong efforts preparing for all possible scenarios arising on the day of the event”, he concludes.

NTG looks forward to contributing to the unique event of “Tour de Storebælt”, which is the largest cycling experience in Denmark measured in number of participants and number of kilometres covered.


Read the related press release (in Danish)

Update on Russian activities

As a consequence of the war in Ukraine and the continuing sanctions NTG has decided to pursue a divestment of its Russian and Belarusian activities.

In April, the Russian activities, including certain entities in Kazakhstan, Belarus and Germany, all part of the former Russian group structure within NTG, were divested in a management buy out with immediate effect.

The Ukrainian activities will continue as a separate legal entity within NTG.

NTG’s suspension of shipments to, from, or transiting Russian and Belarusian territory remains in force following the divestment. We continue to closely monitor the situation and evaluate the impact of potential new restrictions and sanctions.

Download as a PDF file here



NTG acquires Aries Global Logistics, Inc.

NTG Nordic Transport Group (“NTG”) has signed an agreement to acquire 100% of the shares in US-based Aries Global Logistics, Inc. (“AGL”).

AGL is an international air and ocean freight forwarder that has developed a brand with domestic and international importers and exporters as well as overseas agents since 1985. The company is headquartered in New York with an additional eight offices in some of the largest logistics hubs across the US. In addition to air and ocean freight services, AGL offers a range of value-added services including in-house customshouse brokerage and third-party inland transportation and warehousing solutions.

AGL reported a revenue of approximately USD 285 million and an adjusted EBIT of approximately USD 15 million (US GAAP) in the financial year ending 31 December 2021 and has approximately 185 employees.


Transaction overview

  • NTG will acquire 100% of the shares in AGL.
  • The transaction values 100% of the shares in AGL at USD 70 million on a cash and debt free basis.
  • Additional earn-out payments of up to approximately USD 6.7 million and USD 28.3 million contingent on the performance of AGL and NTG’s existing US subsidiaries in 2022 (pro forma) and 2023, respectively, subject to certain adjustments. A sustained level of financial performance will result in maximum earn-out payments.
  • Estimated IFRS 16 lease liabilities of approximately USD 4 million which will not affect cash settlement.
  • Based on preliminary analyses, a tax asset of approximately USD 8 million, utilisable over 15 years, is expected to be recognised in connection with closing of the transaction.
  • NTG will finance the purchase price with available cash and credit facilities.
  • Closing of the transaction is not subject to approval by competition authorities, however, certain other conditions relating to operating licenses apply.
  • Closing of the transaction is expected no later than June 2022.


For NTG, the acquisition of AGL marks a significant next step in the development of the Air & Ocean division. With the acquisition of AGL, NTG doubles the revenue and volumes of its Air & Ocean division, and the transaction significantly strengthens the division’s activities globally. AGL’s company culture, decentralised setup, and corporate values resemble those of NTG, and the acquisition represents a new stronghold that will support both companies in accelerating growth in the US and abroad.

We are very pleased and proud to welcome the employees of AGL to NTG”, says Søren Holck Pape, CEO of the Air & Ocean division at NTG. “The acquisition of AGL is a milestone transaction for NTG, and it is a testimony to our ambitions of expanding the Air & Ocean division globally. With this acquisition, we significantly increase our global scale and footprint in the US, and we accelerate the development of our US entities and employees, who built a successful platform from scratch in less than four years. Similarly, AGL’s global network, one-stop-shop concept, and profound customer relationships are proof points to the successful track record of the company and its employees, and I am confident that this partnership will result in many new opportunities in the future”.

AGL and NTG are a great match for many reasons, most importantly because of the corporate and personal values we share”, says Frank D’Ambra, founder and CEO at AGL. “In making this decision, it was paramount for us to ensure the stability and continuity of the business for our customers, partners, and employees. Without them we would not have been able to accomplish what we did, and I am very grateful for their loyalty and support throughout the years. Although NTG will become the new owner of AGL, I will continue in my current role, supporting NTG in developing the operations in the US and abroad, and I will continue to support the customers, partners, and employees of NTG and AGL in managing the complexities of global transport. I look very much forward to embarking on this new chapter in the history of AGL, and to leverage the scale and geographical coverage of NTG to expand our offering and business even further”.

Following closing of the transaction, which is expected no later than June 2022, NTG’s existing US subsidiaries will merge into AGL. Existing minority shareholders of NTG’s US subsidiaries will become shareholders in the combined entity, while Frank D’Ambra will continue as CEO following closing of the transaction and combination of AGL and the existing US operations of NTG. Frank D’Ambra and Joe Greco, Executive Vice President and shareholder of AGL, will reinvest a part of their earn-out proceeds in accordance with the principles of NTG’s partnership model. Closing of the transaction, completion of mergers, and reinvestments (if any) will not bring minorities’ share above 10%.

Based on due diligence and preliminary analyses, NTG expects to achieve annual synergies in the range of USD 2.5-3.5 million once AGL has been fully integrated, related to commercial synergies and cross-selling opportunities, procurement, and productivity gains from IT and standardisation initiatives. Finalisation of integration is expected in H1 2024.


Additional information

For additional information, please contact:

Investor relations:
Christian D. Jakobsen, Group CFO
+45 42 12 80 99

Mathias Jensen-Vinstrup,
Executive Vice President
+45 42 12 80 90

NTG has once again been appointed as Logistics coordinator for the Danish Olympic team

NTG is proud to be once again involved in coordinating the logistics with sports equipment for the Danish Olympic team.
The Winter Olympics in Beijing will take place 4-20. February 2022.




If the Danish athletes at the 2022 Winter Olympics are to perform optimally, then everything around them must work. The same goes for the freight, as neither the athletes nor the staff must miss any equipment when the fire is lit. For the task of transporting all the necessary goods from Denmark to Beijing, DIF (Danish Sports Confederation) has again this year chosen NTG as the official logistics provider.

“It is very important that the freight is fully controlled, because it is a complicated operation. Therefore, I am also pleased that I have succeeded in making a deal with NTG. They are specialists in the field, and I’m sure that our collaboration will help give the athletes the best opportunities to perform”, says Søren Simonsen, who is the Olympic Head of Mission at DIF.

“Being the official logistics partner for the Danish Olympic team is a really good match for NTG. It is a big complex challenge for us, and we are really looking forward to getting it solved and follow the goods all the way on the journey,” Says Søren Holck Pape, CEO of NTG Air & Ocean.

See the program for the Danish athletes in the Winter Olympic Games 4-20. February 2022 here