Expolanka makes another US acquisition for $ 42.5 m

Tuesday, 28 February 2023 00:18 - - {{hitsCtrl.values.hits}}

EFL Global LLC (EFL USA), a fully owned subsidiary of Expolanka Holdings PLC (Expolanka) has acquired 100% equity interest of Trans American Customhouse brokers LLC and its related companies (Trans American Group) on 24 February 2023, for $ 42.5 million, on a cash-free, debt-free basis.

Established in 1984, Trans American Group is a leading Customs House Broker in North America with a history of nearly 40 years servicing a range of leading brands in the US and Canada.

The acquisition will enable EFL to extend its brokerage services to its existing customer base thereby enhancing service portfolio to existing customers, expand its customer base and scale its operations across North America.

Expolanka share price yesterday gained by Rs. 5 or nearly 3% to Rs. 180 but on a low volume of one million shares.

In November last year Expolanka said it has submitted proposals in response to calls for expressions of interest for the acquisition of certain logistic companies, in international markets pursuance of its overall policy to expand its global business.

In FY2021 Expolanka made three strategic acquisitions investing $ 18 million in expanding its operations in the Americas.