The national mail carrier of Singapore is making good on its promise to become a global logistics provider, agreeing to acquire a 96.3 percent share in TradeGlobal Holdings, Inc. for $168.6 million, its second such deal this month.
Singapore Post Limited (SingPost) has agreed to purchase a 96.3 percent share in e-commerce logistics provider TradeGlobal Holdings, Inc. for approximately $168.6 million.
The acquisition is SingPost’s second in the U.S. just in October, as the company looks to become a global logistics provider. Just last week, the company announced it would acquire a 71.1 percent share in Tampa, Fla.-based e-commerce solutions provider Jagged Peak, Inc. for approximately $15.8 million.
In addition to being the national mail carrier of Singapore, SingPost already provides e-commerce and conventional logistics services in 15 countries in the Asia Pacific region.
TradeGlobal, which is owned by private investment firm Bregal Sagemount, offers a full spectrum of e-commerce services from website design, content management, marketing and analytics, to fulfilment and logistics for the fashion, beauty and lifestyle industries. The acquisition will complement SingPost’s existing service network to create a “one-stop global solution” for customers, according to a statement from the company.
“Following this transaction, SingPost’s clients in Asia Pacific can now expand their businesses into the U.S. Likewise, TradeGlobal’s clients will have access to the fast growing eCommerce landscape in Asia Pacific,” said SingPost.
The founders of TradeGlobal, Executive Chairman Dave Cook and CEO Dave Eckley will continue in their current positions with the company.
“Our investment in TradeGlobal makes sense for us in many ways,” SingPost Chairman Lim Ho Kee said of the deal. “Together with TradeGlobal, SingPost can establish stronger market leadership and have a larger talent pool to drive a global eCommerce strategy. We will also be looking at a larger and deeper footprint. Increasingly, we need to take a ‘one world’ approach towards e-commerce.”
“Full service eCommerce solutions have traditionally been geographically confined. This acquisition will offer a one stop solution for brands to grow their businesses globally,” added Marcelo Wesseler, CEO of e-commerce at SingPost. “Using localized capabilities in the two largest e-commerce markets, Asia Pacific and North America, brands will also be able to provide their customers with a seamless shopping experience. This acquisition strengthens our e-commerce logistics platform by enhancing our scalability and capabilities, for instance to handle major surges in traffic and transactions during peak shopping seasons.”
SingPost to purchase second U.S. e-commerce logistics provider
