Toll completes Global Express sale to Allegro Funds
Toll Group has officially completed the sale of the Global Express business to Australian private equity fund manager Allegro Funds.
The sale of Global Express is consistent with Toll’s strategy to focus on its Asia-Pacific logistics strengths. Toll will continue to invest in the company’s two divisions – Global Logistics and Global Forwarding.
Toll Managing Director, Thomas Knudsen, said the sale marks a new chapter in Toll’s history.
“The divestment is consistent with our strategy to drive Asia-Pacific growth through our global contract logistics and freight forwarding solutions,” Knudsen said.
“Over the past three years the Global Express team have done a fantastic job transforming and improving the business,” he said.
“We are grateful for the Global Express employees who have made this journey a success and wish them all the very best for their future under Allegro’s ownership.
Under the terms of the sale, Allegro will operate the Global Express business under the Toll brand for a two-year transitional period.
The Global Express business provides express parcel, freight delivery and domestic forwarding services in Australia, and transport and contract logistics services in New Zealand.