Acquisition for freight forwarding firm
A YORKSHIRE freight forwarding company has been sold to Transglobal Freight Management (TGFM) in a trade acquisition.
Sheffield-based Transtar International Freight Forwarder was founded in 1981 to provide a wide range of services including export and import seafreight, airfreight, road, courier, marine insurance, local storage and distribution.
Jayne Wilkinson, director of Transtar, said: “The trade acquisition by Transglobal Freight Management (TGFM) offers a fantastic opportunity for us as a company.
“We acknowledged that to continue enhancing and improving the company’s services, then involvement with a larger networked organisation was required. The acquisition by Transglobal more than provides this.”
The move represents an exit for South Yorkshire Investment Fund (SYIF) which has supported the company with investments since 2002.
Ms Wilkinson added: “SYIF has provided us with the financial support we’ve needed to make the business grow into an attractive acquisition target. We are delighted to be merging with TGFM and look forward to developing the company even further.”
Debbie Sorby, portfolio manager at SYIF, said: “Transtar has developed dramatically in the past few years to become a leading freight forwarding company that is desirable to larger businesses such as TGFM.
“We are delighted that the company is now joining such a well respected organisation, which will bring even greater opportunities as part of a wide ranging group.”
