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NTG Nordic Transport Group A/S (“NTG”) has entered into a share purchase agreement regarding the acquisition of 100% of the shares in Cargorange Sweden AB (“Cargorange”).
Cargorange, a freight forwarding company founded in 2003 in Helsingborg, Sweden, specialises in the corridors between Sweden and Continental Europe, most notably Germany and Benelux, and between Sweden and the UK. In the financial year ending 31 December 2020, Cargorange is expected to generate a revenue of approximately SEK 180 million and an EBIT of approximately SEK 7 million.
The successful development of Cargorange since inception in 2003 is based on an asset-light mindset and a closely-knit group of employees with a long track-record within the industry. The acquisition encompasses 18 employees, and the current owners and management of Cargorange will resign at closing, though supporting NTG with the integration for a certain period of time.
“I am happy to welcome Cargorange to NTG. We share the same asset-light mindset and perception of talented employees being an integral part of our DNA, and a key to success. The acquisition of Cargorange adds further scale to the Continental European operations in our Swedish entities, and it expands NTG’s offering to include traffics between Sweden and the UK. We look very much forward to welcoming Cargorange’s team of experienced employees to the group”, says Jesper Petersen, CEO of Road & Logistics at NTG.
After closing of the transaction, Cargorange will continue with its business as usual as a stand-alone subsidiary of NTG. The current Traffic Manager, Jonas Wallertoft, and controller, Joel Sjöblom, will assume the responsibilities as managing directors and continue to run the business in accordance with past practices.
“NTG and Cargorange are a perfect match as both companies share the same personal and professional values. With NTG as the future owner of Cargorange, the company and its employees will be able to continue its business as usual while benefitting from the network, knowledge, and scale embedded in a much larger group. Having built Cargorange from scratch, it means a lot to us that the future owner of Cargorange will support the company and employees in their future endeavours”, says Magnus Johnson, co-owner and co-CEO of Cargorange.
Signing of the transaction occurred today, 19 January 2021, and closing of the transaction is expected during Q1 2021 subject to approval by the relevant competition authorities.
TB International was founded in 2009 in Vantaa, Finland and represents the freight forwarding activities of Trans Bros Group Oy (“Trans Bros Group”), a logistics group focusing on domestic and international transportation services. TB International specialises in cross-border transportation between Finland and Western Europe, most notably Germany, the Netherlands, and France. In the financial year ending 31 March 2020, TB International generated a revenue of EUR 16.2 million and an EBIT of EUR 1.2 million.
NTG Polar Road, which specialises in traffics between Finland and Eastern Europe, became a subsidiary of NTG in 2017 in connection with NTG’s acquisition of Polar Logistics. The acquisition of TB International adds strong sales and operational capabilities on Western European traffics to NTG Polar Road’s existing setup and enables economies of scale, particularly within procurement.
The acquisition encompasses 12 employees, including the existing management and selling shareholders who will continue as Sales Director and Head of Operations for the combined Western European traffics.
“I am happy to welcome yet another company to NTG. With the acquisition of TB International, we are adding scale and skills to our Finnish setup for the second time since NTG entered the Finnish market in 2015. The acquisition significantly strengthens our capabilities on the Western European trade lanes and complements our existing setup very well”, says Jesper Petersen, CEO of Road & Logistics at NTG.
Signing and closing of the transaction occurred today, 1 December 2020, and NTG Polar Road and TB International are expected to merge during the first half of 2021. A transitional services agreement has been entered into with the Trans Bros Group for up to six months to ensure a smooth transition process. Upon completion of the merger, the combined operations will continue in the existing Finnish subsidiary, NTG Polar Road.
NTG Nordic Transport Group is still operating on regular basis within road, air and ocean freight as well as logstics and warehouse services.
Our many offices and facilities have adapted to operating as close to normal as possible under observance of the Covid-19 restrictions. Our daily work conditions are based on long-term solutions, ensuring that obligations towards customers are met and that we can conduct daily business without risk of our personal health or safety.
Please contact your local NTG team if you have any requests. We are here to help
6 April 2020
It’s still possible to pick-up and deliver cargo in most regions in Europe and our fleet of trailers is on the road every day to service our customers. The same situation applies for overseas shipments.
Some delay can occur at the borders which may lead to longer delivery times.
Please contact your local NTG team with any request you may have. We are still here for you.
20 March 2020
NTG road services – Europe
The majority of all scheduled road services in Europe are still fully operational for our customers and we do everything necessary to collect and deliver your orders.
The situation is still very challenging, but we are doing everything possible to keep our customer satisfied and the supply chain moving. Border controls and closed border crossings are however creating increasingly delays in many areas of the world.
Please stay in contact with your suppliers and pick-up/delivery locations to check if they are still open or if they have special requirements in place.
As things are very dynamic and can change in hours, we will keep you posted and inform you personally about problems or possible delays of your shipments.
NTG Air & Ocean – worldwide
NTG Air & Ocean are operating in full scale, despite the Corona situation is developing rapidly and gives the transport industry challenges.
We constantly follow the situation and navigate around it, to avoid the effect for your business. Should you be affected of the changes your NTG contact person will keep you posted as soon as possible.
For any airfreight or oceanfreight requests or bookings the NTG team are fully available and ready to support and guide you, so please contact your NTG contact person.
12 March 2020
Dear valued customers and business partners,
The coronavirus is spreading fast all over Europe, and it seems likely that the same will happen in other countries around the World, in the weeks to come. The situation is very serious both from human, economical and business perspectives.
The latest development in Denmark is that the Danish government in order to limit the spread of coronavirus, has implemented new guidelines which pose significant restrictions on the daily conduct of most businesses. We see that similar measures are being implemented in other countries as well, and we in NTG will of course follow the local governmental guidelines in the countries where we are active.
In NTG we are constantly monitoring the evolving situation and we are strongly committed to mitigate any potential impact on the supply chains and operations of our customers while ensuring the safety of our employees. Therefore, we have implemented precautionary measures on all our sites, including the introduction of home workplaces, separation of teams and individuals as well as cancelation of all non-vital physical meetings and traveling.
Even under these critical circumstances we continue with full operation and we are striving to work closely together with our customers and partners to get through this crisis in a safe, efficient and responsible manner.
Please do not hesitate to reach out to your local NTG contact if you have any questions in this respect.
Saga Trans was founded in 1985 in Oslo, Norway and specialises in road freight forwarding between Italy and Norway. In the financial year ending 31 December 2019, Saga Trans generated a revenue of NOK 36 million and an EBIT of NOK 5 million.
NTG Road Norway commenced operations on 1 April 2020. The acquisition thus marks an important step in strengthening NTG’s setup in the Norwegian market and demonstrates the ability to accelerate growth in start-ups through bolt-on acquisitions.
“We are pleased to welcome Saga Trans to NTG. The acquisition adds skills and competencies to our existing setup in NTG Road Norway and strengthens our offering in the Norwegian market”, says Jesper Petersen, CEO of Road & Logistics at NTG.
Closing of the transaction is expected on 30 November 2020 and NTG Road Norway and Saga Trans are expected to merge during the first quarter of 2021. The combined operations will continue in the existing subsidiary, NTG Road Norway.