Kerry Logistics has purchased a majority interest in Turkish freight forwarder Asav Lojistik Hizmetleri Anonim Sirketi (ASAV).
The forwarder said in a statement that the acquisition would “further the expansion of its global network and strengthen its international freight forwarding capabilities”.
Moreover, “Building upon ASAV’s competitive advantages of established operations and a diversified mix of domestic and international customers, the acquisition will help Kerry Logistics to gain a major foothold in Turkey and further consolidate its network and capabilities in the region,” Kerry noted.
ASAV was established in 1994. According to IATA rankings, it was Turkey’s biggest air cargo agent by tonnage flown in both 2017 and 2018.
It also offers ocean and road freight shipping services.
ASAV has seven offices in Turkey: five in Istanbul, one in Bursa and one in Izmir. It also maintains an office in Amsterdam.
It has a warehouse of 452,000 sq ft in Istanbul with both bonded and non-bonded storage areas, as well as a bonded warehouse of 21,500 sq ft in Amsterdam.
Mathieu Biron, managing director – global freight forwarding of Kerry Logistics, described ASAV as having a “young, dynamic and highly professional team”.
Acquiring the majority interest in ASAV will enable Kerry to “tap into the business potential of a promising market and create greater synergy with the diverse mix of customers it brings.
“The partnership is poised to significantly boost our IFF [international freight forwarding] capabilities in Turkey and enrich our resources in the Europe-Asia freight route, instrumental in helping us to further expand our IFF business worldwide,” Biron added.
Melek Karabacak, vice chairperson of ASAV, commented: “For the past 25 years, ASAV has built a solid foundation and a rich customer portfolio in Turkey and the region.”
He said that joining Kerry Logistics will allow ASAV to combine its local and regional expertise with Kerry’s “global network and extensive service offerings to support our ongoing development and provide a broader range of innovative solutions to our existing and future customers”.
Kerry also said in its statement that it intends to continue to focus on expanding its IFF business, “both organically and through mergers and acquisitions”.
In September, Kerry announced its Group interim results for the first six months of 2019 (the period up to June 30).
The Group’s turnover increased by 13% to HK$19.8bn; its core operating profit increased by 9% to HK$1.3bn; and its core net profit dropped slightly by 4% to HK$669m.