Toll's Express brand to stay for two years
Toll Group is selling its global express business to Australian Allegro Funds, a private equity firm. The global express business provides express parcel, freight delivery and domestic forwarding services in Australia, and transport and contract logistics services in New Zealand.
Toll chairman John Mullen confirmed that the Toll Group’s strategy is to focus on its Asia-Pacific logistics strengths and that the sale fits with Allegro’s plans to invest in Australian and New Zealand companies.
Adrian Loader, one of Allegro’s founding partners: “We are committing USD 500 million in funding to continue the business’ transformation and support its growth over the long term.”
Under the terms of the sale, Allegro will operate the global express business under the Toll brand for a two-year transitional period. Toll’s global logistics and global forwarding businesses are not affected by this transaction, a press release said. The sale is subject to regulatory approvals. (sh)