McColl’s sold in $52m deal

GEELONG transport and logistics company McColl’s Transport has been sold to an Australian investment group for more than $50 million.

The sale represents a vote of confidence in the 66-year-old business, which generates revenue of about $120 million a year and employs more than 400 people around the country.

Former chief executive Simon Thornton heads a team of experienced business leaders who, as Friesian, have teamed to buy McColl’s, Australia’s largest independent bulk liquid carrier of milk, food and bulk chemicals.

“The members of Friesian see McColl’s as a long-term business and we see strong prospects for growth over the medium and long-term,” Mr Thornton, who returns to manage the company, said.

“We see opportunities in the dairy and chemical sectors and want to position McColl’s to integrate itself more closely with its clients.”

Friesian is understood to have paid $52.5 million to purchase the business from private equity firm KKR and fund manager Allegro.

McColl’s was founded by Stuart and June McColl in 1952 and the business moved to its current site in Barwon Terrace in South Geelong in 1981.

In 2005 the McColls’ family business was purchased by ABN AMRO Capital, which in turn was acquired by KKR MacKellar.

McColl’s new board comprises Mr Thornton, corporate lawyer James MacDonald and corporate adviser Mark Mentha.

“The new ownership group is made up of experienced and reputable Australian business leaders whose expertise will contribute to McColl’s suc- cess,” Mr Thornton said.

“I’m excited about ‘coming home’ to lead McColl’s as a well-run, well-capitalised business.”

McColl’s has reported a solid performance this year across its three divisions.

According to is website, it has a fleet of 195 prime movers, 544 tankers, 14 depots and five workshops