Tuesday, August 26, 2014

UK Freight Forwarding Group Acquired by Asian Logistics Outfit

Six Decade Pedigree to Add to Western European Portfolio
Shipping News Feature

SINGAPORE – UK – Singapore Post has, through its subsidiary Famous Holdings, purchased the entire issued and paid-up share capital of Basildon headquartered freight forwarding company F.S. Mackenzie, for approximately £7 million. F.S. Mackenzie is a member of the Famous Pacific Shipping (FPS) Group family of forwarders, which is part of Famous Holdings. Singapore Post says that the acquisition will help it to establish an entry point into the Western European freight market and strengthen its ability to provide customers with integrated e-commerce logistics solutions, which complement its existing postal and parcel networks. Alfred Stienen, who will remain Group Chairman of F.S. Mackenzie, said:

“The sale will allow us to broaden our freight network through the support of a financially strong parent company. We have worked in partnership with Famous Holdings, which was acquired by Singapore Post in 2013, for over 20 years and this represents a great opportunity to build on that relationship. Singapore Post is keen to develop its profile in the international logistics arena and sees F.S. Mackenzie as a solid platform on which to build that development in Europe.”

Singapore Post can trace its origins to the colonial postal service introduced by Sir Stamford Raffles in 1819 whilst F.S. Mackenzie was established in 1951, originally as a domestic only UK operation, and now has a global turnover exceeding $100 million annually. With fourteen offices spread throughout Europe, Asia and Africa operating all modes of freight this would appear to be a realistic acquisition for the Singapore group.