Australia-based logistics company Qube Holdings has acquired a 50% stake in New Zealand’s Pinnacle Corporation and 100% of Kalari.
Pinnacle, a New Zealand owned and operated group of companies, operates both port-based and stand-alone 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 will 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.
“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.”
Qube acquired Kalari from Swire Investments (Australia). Kalari is a leading 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.
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.”
The total consideration for both transactions is expected to be in the order of A$145 million and will be funded through Qube’s existing undrawn debt facilities in Australia and New Zealand.