Australian-based Toll Group, a provider of integrated logistics services, has acquired Summit Logistics International, a U.S.-based independent freight forwarding and supply chain business. Summit provides ocean freight services on one of the world’s key trade lanes—the trans-Pacific route between greater China and North America.
Summit is headquartered in New Jersey, and provides integrated trans-Pacific logistics services to its customers through its extensive operational platform in China, Hong Kong and the U.S. Summit also generates around 30% of its revenue providing extensive supply chain solutions including transport and logistics services to its freight forwarding customers within the U.S.
“We have been investigating U.S.-based opportunities for some time and this is an important acquisition for the Toll Group in the global forwarding market,” says Paul Little, Toll Group’s managing director. “The development of significant scale in the trans-Pacific trade lane is a key element of delivering price competitive services to U.S.-based customers. Importantly, integrating Summit into Toll Global Forwarding (TGF) also improves Toll’s total supply chain capability in the US market.”
The Summit acquisition will allow TGF to offer a more extensive domestic deliver-to-customer capability, from China to all major city destinations in the U.S., Little notes.
Toll is paying approximately US$70 million for the Summit business.
