Transport and logistics company, Toll Group, has successfully divested its global express business unit.
“Toll is a simpler, more focused business with enormous size, scale and capabilities,” Toll said in a statement about beginning a new chapter in the company’s long and proud history. “We’re well placed and ready to accelerate on our Asia Pacific growth ambitions and deliver on our purpose to move the businesses that move the world.”
The sale was first announced in April and is the culmination of months of work according Allgro – a key component of the transaction was the $500 million funding package Allegro secured to transform the business and separate it from Toll Holdings.
Toll Global Express is a diversified transportation and logistics business with an unparalleled network across Australia and New Zealand. The company has a suite of high quality assets and is either number one or two in its core markets, which
includes express parcel, freight delivery and domestic forwarding services in Australia, and transport and contract logistics services in New Zealand.
The company serves more than 36,000 customers, employs over 8000 people and generates more than $3 billion AUD in annual revenue.
The surge in online transactions since the emergence of Covid-19, Allegro said, points to the potential of Toll Global Express.
“The continued growth in online commerce relies on resilient logistics networks for delivery and fulfilment,” said Allegro.
“Toll Global Express has a critical role to play as an ecommerce enabler and through our transformation strategy we will ensure the business is positioned to capture this opportunity.”
Allegro has appointed Christine Holgate as Group CEO. She is expected to lead the transformation of the business and has committed to a 100-day program of meetings with customers, business partners and employees.
Allegro co-founder and Managing Director, Adrian Loader, has been appointed Chair of Toll Global Express.
“Finally, we are very excited to formally take ownership of Toll Global Express and we look forward to its successful transformation under Christine’s leadership,” said Allegro.