Regional logistics firm Gulf Pinnacle Logistics (GPL) has acquired a 60 percent stake in Dubai-based Century Express Courier Services, it announced on Sunday.
Established in May 2014, GPL is a logistics and transport company advised by Regulus Capital. The company owns majority stakes in four assets involved in warehousing, CFS (container freight station) operations, student bus transport and courier services.
Century Express Courier Services is based in Dubai and has its own courier fleet and network of agents delivering shipments to more than 100 countries. It focusses on same-day and next-day express delivery services.
The Century acquisition is part of GPL’s $325 million (AED1.2 billion) investment strategy for the next six years. The company plans to expand its logistics operations across the Middle East and North Africa (MENA), and capitalise on the region’s fast-growing e-commerce sector, it said in a statement.
Shailesh Dash, chairman of Gulf Pinnacle Logistics, said: “This acquisition augments GPL’s efforts in becoming a diversified logistics company, in addition to serving as a delivery base and capitalising on the e-commerce boom in MENA.”
He added that the $325 million investment strategy was a key enabler of these efforts.
Najeeb Kabeer, partner and panaging director of Century Express Courier Services, said: “With the upsurge in e-commerce activity in the region and more so in the UAE and Saudi Arabia, the prospects for the courier segment are extremely positive.”For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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