Acquisition to bolster TVS Asianics’ growth trajectory as it continues to build one of the fastest-growing Asia-centric integrated transport and logistics networks
TVS Asianics, one of Asia’s fastest-growing logistics service providers, has acquired Pan Asia Logistics Group’s freight forwarding and contract logistics businesses (“Pan Asia Logistics”). Pan Asia Logistics is a Singapore-based integrated logistics company with significant regional operations that was founded in 2002. Through this acquisition, TVS Asianics now has extensive coverage in all key markets throughout Asia, with an enhanced presence in China, Hong Kong, Singapore, Malaysia, Thailand and India, and new capabilities in Vietnam, Indonesia, Japan, Korea and Taiwan.
Since its inception in late 2014, TVS Asianics has grown its integrated network to encompass over 45 operating locations in 15 countries across Asia, Oceania and Europe with more than 1,100 logistics professionals. The Pan Asia Logistics acquisition will not only double TVS Asianics’ global ocean and airfreight forwarding volumes but also give it advanced technology-driven contract logistics and distribution capabilities throughout Asia, especially in Singapore and Malaysia. In addition, Pan Asia Logistics will complement TVS Asianics’ vertical coverage with its focus on the automotive, electronics and pharmaceutical segments.
TVS Asianics’ Chief Executive Officer James McAdam explained that TVS Asianics views Pan Asia Logistics as an ideal partner in achieving its strategic vision, given that both organizations share a common focus in terms of delivering unparalleled service and being the preferred specialist logistics partner in Asia for global companies. The acquisition is an important milestone for TVS Asianics in its drive to become a leading Asia-centric integrated logistics solutions provider. “The acquisition of Pan Asia Logistics is a unique opportunity for TVS Asianics to complete its geographic expansion across Asia and complement its team of logistics professionals with Pan Asia Logistics’ highly experienced management team and its more than 600 employees across Asia. This will enable us to better serve our customers as their logistics requirements continue to evolve with their growth.”
McAdam also noted that the transaction signifies a continuation of the company’s rapid growth through the acquisitions of some of the most established Asia-focused third-party logistics (3PL) providers, which include the 2015 acquisition of Transtar International Freight in Australia and the 2017 acquisition of Nadal Forwarding in Spain. When combined with TVS Asianics’ existing operating entities TVS Dynamic Global Freight Services in India and TVS Logistics Siam in Thailand, the company now has a compelling service offering driven by a strong Asia operating platform.
“We look forward to the journey ahead as we continue to grow and evolve our business with the addition of Pan Asia Logistics as one of the core operating companies in our portfolio. At the same time, we would like to assure Pan Asia Logistics’ customers that the company will retain its personalized customer focus and continue to uphold its promise of service delivery excellence as part of the expanding TVS Asianics network,” said McAdam.
McAdam recognizes the contributions of founders Christian Bischoff and Susan Tan in developing Pan Asia Logistics to what it is today. “Now is the right time to drive the next level of development and growth, and to strategically position Pan Asia Logistics to capitalise on opportunities within the shifting global economic landscape by becoming an integral part of the TVS Asianics global network.” said Bischoff, who will assume an advisory role supporting both TVS Asianics and Pan Asia Logistics.
Pan Asia Logistics’ Chief Executive Officer Gerald Tan, who will remain with the company following the acquisition, noted that the transaction will help the company accelerate the design of innovative logistics solutions for its customers. “With TVS Asianics’ help, we will be better enabled to invest in the latest technologies to benefit our customers and create exciting opportunities for our employees.”
Pan Asia Logistics Group’s other operating companies – Pan Asia Logistics Investments (PALI) and Panalogs Projects – are not part of the acquisition and will continue to be independently managed by Christian Bischoff and Susan Tan.
TVS Asianics was advised by Shook Lin & Bok LLP Singapore (led by Michelle Phang, Partner), Deloitte & Touche Financial Advisory Services (led by Jack Tey, Executive Director of M&A Transaction Services) and LanciaConsult (led by Jeffrey Cronkshaw, Group Managing Director) in this transaction. DBS Bank identified and connected the parties, assisting them in completing the transaction.