27 Oct 2017

Transport Investments going public

1:07 pm on 27 October 2017

New Zealand's largest private transport and logistics business, Transport Investments (TIL), is going public with a backdoor listing on the NZX.

The investment shell Bethunes Investment said it would buy Transport Investments, with a mix of shares and cash for $200 million.

TIL has a network of branches, depots and warehouses, which made $320m in revenue in the past year ending June.

Its brands included Hooker Pacific, TNL, Roadstar, Pacific Fuel Haul, TIL Freight, McAuley's, MOVE Logistics and NZL.

TIL chair Jim Ramsay said the company had been looking to take the company public for some time.

"When the opportunity arose to participate in a reverse listing through BIL we decided this would provide existing TIL shareholders with a commercially sensible, viable and timely path to the NZX," he said.

"We are pleased with the arrangements agreed and look forward to bringing TIL to the public domain with the support of over 300 existing BIL shareholders."

The deal, which is subject to shareholders' approval, would see Bethunes change its name to TIL Logistics, with a new board headed by Mr Ramsay.

A special meeting of TIL shareholders was expected to be held early next month, with Bethunes shareholders to meet late November or early December.

Earlier this month, TIL sold nine properties in Auckland to industrial property investment company, PFI, for $70m.

The transport company will lease back seven of the properties. That deal settles at the end of this month. transport and logistics business, Transport Investments, is going public with a backdoor listing on the NZX.

Get the RNZ app

for ad-free news and current affairs