FISCHER & RECHSTEINER has signed a binding agreement to purchase the Freight Forwarding business unit of BCUBE S.p.A. Specifically, the transaction involves the transfer of the “Project Cargo” and “Rest of the World” businesses to FISCHER & RECHSTEINER COMPANY S.p.A., while the “Latin American” business has been sold to GIMAX INTERNATIONAL S.r.l.
Through this acquisition, FISCHER & RECHSTEINER opens a new branch in Genoa. “For our group, this transaction marks the pivotal moment in the opening of our sixth operating unit in Italy,” stated Riccardo Riva, President & CEO of FISCHER & RECHSTEINER. “It expands the range of services offered to clients and is fully consistent with the broader development program initiated several months ago,” which also includes external growth, aiming to further evolve into a family-owned global forwarding company.
The transaction follows the recent acquisition of 90% of S.I.TA.F. srl, a company based in Pavia (strategically located on the Milan-Genoa route) that owns a modern covered building of over 11,000 square meters for warehousing and goods storage, as well as an authorized customs facility with the important AEOF accreditation and a customs warehouse.
“These two transactions,” Riccardo Riva continues, “represent a significant step in our expansion strategy into synergistic operating areas for our growth. Our offering to customers and foreign agents will be enhanced with new, higher-value services.”
FISCHER & RECHSTEINER (www.ferfreight.com), an international freight forwarder offering import/export services by sea, land, and air worldwide, as well as logistics and customs clearance services, was founded in Italy in 1953 and is the exclusive owner of its own brand, which first appeared on international markets in 1870. With these two acquisitions, the group, in addition to its headquarters in Lecco, will have five additional operating units in Italy (Bassano del Grappa/Vicenza, Genoa, Milan/Pioltello, Pavia, and Treviso) and subsidiaries abroad (Brazil, China, Cyprus, Lebanon, and Tunisia). It will employ more than 100 people, in addition to the 230 at its subsidiaries abroad, and generate revenues of approximately €50 millions.
Following this acquisition, FISCHER & RECHSTEINER will take over – within its area of expertise – the management of the former BCUBE branch, ensuring full operational and commercial continuity. Relationships with clients and foreign agents will continue uninterrupted, with the support of the same current team.
The transaction is expected to close in the early fourth quarter of this year. FISCHER & RECHSTEINER was supported by Broletto Corporate Advisory for financial advisory, McDermott Will & Emery for legal aspects, and Nexia Audirevi for financial due diligence.