Tasmanian refrigerated transport provider SRT Logistics has been acquired by mainland logistics company Lindsay Australia in a $108.2 million deal that will create the nation’s largest refrigerated logistics network.
The landmark acquisition, announced today, will see the Tasmanian family-owned business become a wholly owned subsidiary of ASX-listed Lindsay Australia, with combined annual revenues expected to exceed $1 billion.
SRT Logistics, founded 29 years ago as a small family business in Tasmania, has grown to employ more than 420 people with operations expanding to Victoria in 2008 and more recently to New South Wales and Queensland.
Lindsay Australia, established 70 years ago, employs more than 1,500 staff across mainland Australia and offers specialist services including fumigation, quarantine and import/export services.
Clay McDonald, CEO of Lindsay, described the merger as “a truly exciting opportunity to form Australia’s most diversified refrigerated logistics network.”
“The combined experience, expertise, and financial strength of our businesses, along with our shared focus on safety and customer service, will create a logistics company that benefits our customers, employees and shareholders,” McDonald said.
Under the agreement, the Miller family, who own SRT Logistics, will become Lindsay’s largest shareholders with a combined stake of approximately 12.8%.
SRT Logistics CEO Rob Miller will join the Lindsay board as an Executive Director while continuing to lead the SRT business unit.
“Joining Lindsay’s network represents a logical and highly compelling next step in SRT’s commercial evolution,” Miller said.
“At last Tasmanian producers will benefit from a locally based logistics operator with a fully integrated road, rail and sea network with nationwide reach.”
Both companies say their employees are a priority, with operations continuing as usual to minimise disruption during the transition.
The transaction is expected to complete on June 30.
