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Monday, November 20, 2017

Chelsea buys logistics and ferry companies

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By James Loyola

Chelsea Logistics Holdings Corp. (CLC) is reinforcing its end-to-end transport services with the acquisition of logistics firm Worklink Services, Inc. (WSI) even as it closed the acquisition of Starlite Ferries.

In a statement, Chelsea said it acquired 100 percent of the issued and outstanding shares of WSI in line with ongoing efforts to expand its operations and subsequently create more value for customers, investors, partner-communities and other stakeholders.

“WSI will augment our logistics and manpower businesses as well as create additional synergy within the group,” CLC President Chryss Alfonsus V. Damuy said.

He added that, “the acquisition will prove even more valuable in steering CLC to greater heights by bringing in an experienced and competent management and staff, who have been in the logistics business for more than 20 years.”

WSI was established in 1994 for the primary purpose of providing efficient, effective and reliable courier, forwarding, trucking and logistics services to a growing domestic industry.

In the past years, the privately owned Filipino company successfully established itself as a domestic  logistics solution provider for various industries, lending its expertise in the management and distribution of a wide range of merchandise such as documents, food, garments and industrial equipment.

Meanwhile, CLC said its acquisition of Starlite Ferries will reinforce its fleet and services to deliver more value to customers, investors and other stakeholders.

CLC successfully closed the acquisition of Starlite Ferries on November 9, after the Philippine Competition Commission (PCC) ruled that the transaction “does not result in a substantial lessening of competition in the relevant market.”

“We thank the PCC for clearing the acquisition that we have intended for the delivery of more efficient and reliable shipping and logistics to Filipinos more than anything,” Damuy said.

He explained that, “our acquisition of Starlite Ferries ultimately redounds to the benefit of Filipino consumers. The newest addition to the group expands our capacity to provide improved transport solutions and reach more islands.

The acquisition supports the Company’s vision to lead the shipping and logistics industry in bringing better services to the Filipino consumers and businesses.

“At the same time, Startlite Ferries gives us bigger opportunities to realize synergies with our affiliates in the Udenna Group and lend greater support to our growing economy,” Mr. Damuy said.

Starlite Ferries brings into CLC a 14-member fleet, of which 5 are roll-on/roll-off vessels acquired brand-new in 2016 and 2017. The currently operational ships service the ports of Batangas, Calapan, Puerto Galera, Odiongan, Roxas and Caticlan.

Prior to the acquisition of Starlite Ferries, the Company only had 11 tankers, 9 tugboats, 7 roll-on roll-off vessels with passenger accommodation (RoPax), 4 barges and 4 cargo ships. 2GO Group, Inc. meanwhile, had 16 RoPax and 8 cargo vessels.

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