Pedersen Group targeted by Aussies
NEW ZEALAND WOOD BUSINESS, PEDERSEN GROUP, IS IN LINE TO be purchased by an Australian logistics company.
It has entered into a conditional purchase agreement with Sydneybased Linx Cargo Care Group for an undisclosed amount, with the deal expected to be finalised as NZ Logger magazine went to print.
Rotorua-based Pedersen was purchased from Paul Pedersen on his retirement two years ago by Auckland private equity firm Maui Capital.
Pedersen supplies chip to the Kinleith and Kawerau mills in New Zealand, Norske Skog’s pulp mill in New South Wales, the Maryvale paper mill in Melbourne and runs the Vanua Levu chip plant in Fiji.
Linx operates across Australia and New Zealand, with its C3 business specialising in forestry logistics and operating in 13 ports in New Zealand. It already has an existing joint venture with Pedersen for wood yard management.
The latest deal would see Pedersen Group continue to operate independently under the Pedersen brand following the completion of the acquisition and all 140 Pedersen employees retained by the new owner, the two companies say in a statement.
“The acquisition of Pedersen Group by Linx Cargo Care Group will provide long-term stability for our employees and customers, and the operational and financial capacity to allow our business to pursue its growth aspirations,” says Pedersen Group Chief Executive, Gavin Hudson.
Anthony Jones, Group Chief Executive for Linx and Chair of C3, says the acquisition will help Linx improve its services to forest owners and wood processing businesses and extend its global reach.