Private Equity Firm Pays $1.9B for TNT Logistics
TNT N.V., the Dutch parent company of TNT Logistics North America, has agreed to sell its worldwide logistics business to an international private equity firm for $1.9 billion.
The announcement was made Aug. 23. TNT said the sale completes the company's strategy to exit the logistics industry and focus on its higher yielding European postal and global parcel express businesses.
David Kulik, CEO of Jacksonville-based TNT Logistics North America and group managing director of the global logistics division, will become CEO of the new company when the sale to Apollo Management L.P. is completed.
There is no word on what the new company will be called.
Apollo, which has invested more than $16 billion in companies since being founded in 1990, has been in a buying mode of late. In June, it acquired a plastics company and agreed to buy a coated paper unit.
Gareth Turner, a London-based partner for Apollo Management, said the investors see TNT Logistics as a clear platform for growth with strong management and an impressive customer list. He said his company, which also has offices in New York and Los Angeles, is happy the management team is committed to working with the new owners.