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15th July 2005 PWC Logistics to Acquire GeoLogistics, Leading International Freight Forwarder -Acquisition will strengthen global supply chain and forwarding capabilities-
Kuwait City, Kuwait and Santa Ana, California – July 15, 2005– PWC Logistics, a global provider of end-to-end supply chain solutions and GeoLogistics Corporation, an international freight forwarder and logistics services provider, today jointly announced that they have entered into a definitive agreement under which PWC Logistics will acquire GeoLogistics.
PWC Logistics will acquire the privately-held GeoLogistics from its principal shareholders, including lead investor Questor Partners Fund II, L.P., for approximately US$454 million on a debt-free basis. GeoLogistics’ senior management team will remain in place under PWC Logistics’ ownership and no material organizational changes are expected as a result of the acquisition. The combined group will generate revenues in excess of US$3 billion with over 10,000 employees in more than 100 countries worldwide.
Tarek Sultan, chairman of PWC Logistics, commented: “We are very pleased to have signed this acquisition agreement. GeoLogistics is a recognized leader in global freight forwarding with a significant presence in key Asian, European and Americas markets. GeoLogistics’ global presence and experienced management team will strengthen PWC Logistics’ existing capabilities and greatly expand both the scope and range of our investment opportunities and service offerings, including our ability to deliver integrated and specialized logistics solutions globally. Freight forwarding is a service that will continue to grow at impressive rates and one where strong market participants will continue to distance themselves from their midsize competitors. GeoLogistics will significantly increase PWC Logistics’ global forwarding capabilities, especially within, to, and from the Middle East.”
Bill Flynn, president and chief executive of GeoLogistics, said: “We’re excited about becoming part of the PWC Logistics organization because of the terrific fit and the growth opportunities of the combined companies. Over the past year, we’ve explored several options, including a public offering. However, it is clear that merging with PWC Logistics is by far the best strategic approach for our company. And now, with PWC Logistics’ world-class contract logistics capabilities and access to attractive Middle Eastern markets, we are poised to provide our customers with ever-increasing levels and breadth of service.”
GeoLogistics engaged Citigroup and Bear Stearns as financial advisors and Drinker Biddle & Reath LLP as legal advisor. Banc of America Securities and Shearman & Sterling LLP advised PWC Logistics on the transaction.
About PWC Logistics
PWC Logistics is a global provider of end-to-end supply chain solutions. Through its network of warehousing facilities and transportation and freight management services, PWC Logistics provides its customers with flexible solutions tailored to meet their business needs. PWC Logistics’ customers span a wide range of industries, including apparel and footwear; automotive; consumer and industrial electronics; consumer packaged goods; engineering and construction; exhibits and entertainment; food and grocery; governmental and military organizations; and oil and petrochemicals.
PWC Logistics is traded on the Kuwait Stock Exchange, ticker symbol WARE. For more information about PWC Logistics, please visit
www.pwclogistics.com.
About GeoLogistics
GeoLogistics Corporation is a global leader in non-asset based logistics, with an extensive network of operations in nearly 100 countries around the world. GeoLogistics offers its customers a broad range of freight management and customized solutions backed by a single, company-wide IT system. With experienced and dedicated people, GeoLogistics meets customers’ specific local logistics needs on a truly global basis. GeoLogistics combines more than 150 years of history with the latest technology and practices. More information may be obtained at the Company’s website at
www.geo-logistics.com.
