Hong Kong-based Kerry Logistics has acquired a majority interest in Turkey’s Asav Lojistik Hizmetleri A.Ş. (ASAV), the company said in a statement.
The forwarder said the deal would further the expansion of its global network and strengthen its international forwarding capabilities.
“Building upon ASAV’s competitive advantages of established operations and a diversified mix of domestic and international customers, the acquisition will help Kerry Logistics gain a major foothold in Turkey and further consolidate its network and capabilities in the region,” the statement read.
Founded in 1994, ASAV offers professional air, ocean and road freight shipping services. It has seven offices across the country, including five in Istanbul, one in Bursa and one in İzmir as well as one in Amsterdam in the Netherlands.
It operates a 41,992-square-meter warehouse in Istanbul, combining bonded and nonbonded storage areas, plus a 19,974-square-meter bonded storage warehouse in Amsterdam.
According to the International Air Transportation Association (IATA) rankings, ASAV is one of the largest air forwarders in Turkey in terms of tonnage flown.
Kerry Logistics has more than 47,000 employees in 55 countries and territories worldwide. The size of the land and facilities the company operates stands at around 5.6 million square meters. It has over 10,000 self-owned operating vehicles.
“We are excited to work with ASAV, a young, dynamic and highly professional team, to tap into the business potential of a promising market and create greater synergy with the diverse mix of customers it brings,” said Mathieu Biron, managing director of global freight forwarding at Kerry Logistics.
“The partnership is poised to significantly boost our IFF [international freight forwarding] capabilities in Turkey and enrich our resources in the Europe-Asia freight route, instrumental in helping us to further expand our IFF business worldwide,” Biron noted.
Melek Karabacak, vice chairperson of ASAV, was cited as saying that for the past 25 years, ASAV has built a solid foundation and a rich customer portfolio in Turkey and the region.
“We are looking forward to combining our local and regional expertise with Kerry Logistics’ global network and extensive service offerings to support our ongoing development and provide a broader range of innovative solutions to our existing and future customers,” Karabacak said.
Taking into account the positive profit growth and expansion potential in the IFF division, Kerry Logistics will continue to focus on expanding its IFF business both organically and through mergers and acquisitions.