Logistics company deemed SITTAM a “non-core” business, selling it to a subsidiary of Gruppo PIR.
CEVA Logistics has entered an agreement to sell its Milan-based ocean freight consolidator, Spedizioni Internazionali Trasporti Terrestri Aerei e Marittimi S.r.l. (SITTAM), to a subsidiary of Gruppo PIR, La Petrolifera Italo Rumena S.p.A.
“The transaction is supported by SITTAM’s management,” CEVA said in a statement.
In addition to its Milan head office, SITTAM has nine branch offices throughout Italy and a network of agents across Europe.
Sittam was part of TNT Logistics when it was sold to Apollo Global Management in 2006, and subsequently renamed CEVA Logistics. The consolidator continued to operate under its own name within CEVA’s Italian business.
“In the context of the strategy CEVA introduced last year, SITTAM’s business was identified as non-core and we recognized that SITTAM’s continued success would be stronger under new ownership,” said Xavier Urbain, CEVA’s chief executive officer.
Completion of the transaction is expected at the end of the month.
CEVA sells Italian consolidator
