German logistic service company acquires freight specialists The PSL Group
Global freight specialist The PSL Group has been acquired by Rhenus Logistics UK, a global logistics service company, in a move that further strengthens Rhenus’ offering. This transaction was led by BCMS.
Founded in 1984, PSL Group was created as a forwarder for fashion markets in Italy and Portugal with a 24 hours customs clearance operation in Dover, UK. Over 35 years the company extended its range of services throughout Europe and acquired a small airfreight forwarder based in Heathrow and a seafreight department. Through additional acquisitions the company grew larger and now have a total of seven offices throughout the UK with the head office located in Essex.
SkanTrans-PSL was formed in 1990 through a partnership with four agents in Denmark, Finland, Norway and Sweden and remains one of the UK’s leading Scandinavian groupage specialists.
PSL offer a wide range of services such as driver accompanied scheduled express departures, 24/7 customs clearance in Dover and import and export consolidations and warehousing. The company has several industry awards, including Customer Care, Best Operations Europe and European Logistics Operator.
Family-owned Rhenus Logistics is a global logistics service provider. The Rhenus Group provides solutions for a wide variety of different sectors along the complete supply chain; they include multimodal transport operations, warehousing, customs clearance as well as innovative value-added services. The company was established in 1912 and has grown to a turnover of £4.6 billion (€5.1 billion) with 660 locations worldwide and 31,000 employees.
Rhenus Logistics UK Managing Director David Williams said: “The PSL Group acquisition is an important point of growth for the Rhenus UK portfolio, and we are delighted that we can share this exciting news.
“There is a unified goal to ensure the acquisition is not only a success for all parties but also to enable Rhenus to further solidify its place within the forwarding sector. The next few months will be a crucial time for both companies as new projects arise and the two teams begin working together.”
PSL Managing Director John King commented: “Becoming part of the Rhenus group enables us to present new opportunities and services to our clients. With our joint experience, international contacts and expertise in road freight, there is broad scope for growth.”
BCMS Lead Advisor Nick Lankester commented: “Some clients come to us with an offer already on the table. In many cases, we end up finding a 'hidden gem' - another different buyer prepared to offer more; whether more money, better terms or a stronger fit. This was the case for PSL and Rhenus Logistics UK. We are very pleased that this transaction has completed and we wish both companies the very best for the future.”
The price and terms of the deal are undisclosed.