TPG, Consignia, Singapore Post Begin Joint Mail Venture
The new company allows businesses sending catalogs or direct marketing pieces to Europe and Asia to work with one contact to coordinate all of their international mailings.
The three agencies are TNT Post Group NV, a Dutch postal, express and logistics company; Consignia, which is the new name for the British post office; and Singapore Post.
The new venture, which has not been named yet, is built on its parent companies' global reach, systems, products and expertise in international business mail and is expected to benefit international mailers worldwide.
The CEO of the new company is Theo Jongsma, former CEO of TNT International Mail.
"When we announced our proposals in March last year, we made some bold claims about what this company would be able to achieve," Jongsma said. "We are now in a position to deliver on those promises."
The three partners have received regulatory approval from the European Commission and the relevant authorities in the United States. TPG has a 51 percent holding in the new company, with Consignia and Singapore Post both taking 24.5 percent stakes.
"Gaining regulatory approval has taken longer than originally expected," Jongsma said. "However, the determination of the three partners to achieve EC approval and make the joint venture a reality is a sign of their commitment to establishing the new company, which is set to become a major force in the international mail market."
The company will have an estimated 450 million euros in sales, with 1,500 employees serving more than 200 countries.
In the short term the new company will continue to trade under the TNT International Mail, Royal Mail and Singapore Post brands. Its headquarters is in Brussels, with regional offices in New York, Amsterdam and Singapore.
A branding campaign and possibly a direct marketing campaign will begin shortly, though there are no specific plans yet.