TVS Logistics Services Ltd. has further expanded its presence in the Asian market through the acquisition of Pan Asia Logistics by its Singapore arm, TVS Asianics Supply Chain Solutions, for an unspecified amount.
The deal was announced on Thursday in the presence of Jawed Ashraf, High Commissioner of India to Singapore.
‘Significant Asia reach’
Pan Asia Logistics, with revenues of $160 million and 600 employees, is a Singapore-based integrated logistics company with operations in Asia. The acquisition will help TVS Asianics gain significant coverage in key Asian markets, with an enhanced presence in China, Hong Kong, Singapore, Malaysia, Thailand and India, and new capabilities in Vietnam, Indonesia, Japan, Korea and Taiwan, top company executives said.
Since its inception in 2014, TVS Asianics has grown its integrated network to over 45 operating locations in 15 countries across Asia, Oceania and Europe with more than 1,100 logistics professionals.
The company has grown to $500 million in revenue, from $25 million, in three years. Most of the growth has come through multiple acquisitions, to which TVS Logistics has given an impetus through providing funds of $100 million
“The acquisition is part of our Asia- and India-focused strategy through which we can offer a comprehensive solution to our customers,” R. Dinesh, MD, TVS Logistics Services and chairman, TVS Asianics, said.
“This acquisition will not only integrate our freight forwarding capability with last-mile and first-mile solutions but also put us in a leading position to capitalise on India-Asia trade relations,” he added.
James McAdam, CEO, TVS Asianics, said, “The acquisition is an important milestone for TVS Asianics in its drive to become a leading Asia-centric integrated logistics solutions provider.”
“The acquisition of Pan Asia Logistics is a unique opportunity for us to complete our geographic expansion across Asia,” he said.
“The transaction signifies a continuation of our policy of rapid growth through acquisitions,” he added.
In 2015, the company had acquired Transfer International Freight in Australia and in 2017 it had announced the acquisition of Nadal Forwarding in Spain.
(The writer is in Singapore at the invitation of TVS Logistics)
