TALLINN, 3 October, BNS – The forwarding and logistics group CF&S Estonia AS closed a transaction whereby it acquired all shares of the company SIA Transekspedicija LV this week. After the required procedures, CF&S Latvia and Transekspedicija LV will merge and on services will be rendered under the trademark of CF&S.
The successful activity of Transekspedicija LV (founded in 2001) as a warehouse keeper and the company's road transport and railway capacity will considerably supplement the forwarding and ship's agency services provided by CF&S Latvia SIA, a subsidiary of CF&S Estonia founded in 2005, reported CF&S Estonia on Wednesday.
According to CF&S Estonia, the merged company will become one of the biggest logistics companies in Latvia, operating own road transport and rolling stock. The company renders road and railway transport services in the European Union and CIS countries; it also performs carriage of oversize cargo and operates as a ship agent and warehouse keeper. The merged company will maintain its 50 employees.
The advisers of the transaction were Law Offices Pohla & Hallmägi, Ernst & Young Baltic and Keystone Advisers.
Kuno Väin, member of the Management Board of CF&S Estonia, will join the current member of the Management Board of Transekspedicija LV Rostislavs Derecinskis and will be responsible for the development operations of the CF&S Group in the Baltic countries. By the end of the year, Väin will transfer his current duties of Estonian CEO to Harri Rästas, who is acting as member of the Management Board of CF&S Estonia as of 17 September.
The subgroup of Baltic Maritime Logistics Group AS CF&S Estonia has also subsidiaries in Moscow and St. Petersburg. The Group provides road, railway and air transport forwarding services, warehousing and distribution logistics services, ship's and line agent services as well as charter services in the Baltic countries and other European and CIS countries.
Last year, the sales revenue of the consolidated group of CF&S Estonia increased by 22 per cent amounting to 36.4 million EUR and its profit grew 44 per cent totalling 2.8 million EUR.