Nordic Transport Group has acquired the majority stake of the shares in the full-service logistics provider Polar Logistics International.
NTG is pleased to announce it has entered into an agreement to acquire 53% of the Finnish based freight forwarder Polar Logistics International.
Polar is a full-service freight forwarder with offices in Finland, Russia, Ukraine, Poland, Germany, Czech, Netherlands and Kazakhstan. Polar has established a solid position in Road, Rail, Air & Sea transportation services through its close client relationships and extensive network of global partners. In 2016 Polar generates an expected revenue of EUR 60 million.
NTG is a global freight forwarder with a strong presence in the Nordics. This merger represents a strategic step in the Group’s ambition to continue its high growth while increasing its presence in the Nordic, European and Eastern markets.
“With this merger, we strengthen our position as one of the leading freight forwarders in the Northern European market. Polar and NTG is a perfect match with their complementary business model and close client relationships. Polar and NTG share the same growth philosophy proven by a constant and controlled growth over the last years. Together we can now offer wider European coverage and a strong foothold to Russian and Eastern markets” says Group CEO’s Mikkel Fruergaard and Jesper E. Petersen from NTG.
“This merger provides a solid opportunity for Polar Logistics customers and employees: First, our customers will get a wider service and coverage offered by the new NTG / Polar Group; second, for our employees this is a fantastic opportunity to expand their expertise and strengthen their contribution to our customers’ success”. “We believe that long relationships, excellent and expanded customer service will take us further” says Chairman Esa Kataisto from Polar Logistics.
The transaction will be effective as from January 2nd 2017 and the expected revenue of the new group exceeds EUR 400 million with an expected EBIT of around EUR 24 million.
Completion of the transaction is subject to regulatory approval and closing is expected early next year.