Singapore Post, through its subsidiary, Famous Holdings, has purchased the entire issued and paid-up share capital of F.S. Mackenzie worth up to 7 million pounds (US$11.8 million).
Originally established in 1951, F.S. Mackenzie is a UK-based freight forwarder and non vessel operating common carrier (NVOCC) focusing primarily on sea, air and road freight forwarding, together with customs clearance for inbound and outbound shipments from the UK. Headquartered in Basildon, east of London, it has four other operational centres across the UK.
Singapore Post says that the acquisition will help it to establish an entry point into the Western European freight market and strengthen its ability to provide customers with integrated ecommerce logistics solutions, which complement its existing postal and parcel networks.
Alfred Stienen, who will remain group chairman of F.S. Mackenzie, says that the sale will allow the UK company to broaden its freight network through the support of a financially strong parent company.