CARDINAL Global Logistics has made a strategic investment in Australian and New Zealand logistics group Seabridge.
Seabridge managing director Australia and New Zealand Justin Todd told DCN going forward the groups would be working together on development opportunities throughout Asia Pacific.
“We’ve been working together with the Cardinal group for over five years” he said.
“Through the investment we’re looking to open offices in Western Australia and looking at further acquisition opportunities in Australia and New Zealand.”
Cardinal chief executive Brian Hay said: “If we opened our own offices in Australia and New Zealand, it would probably take us five to 10 years to achieve what Seabridge has done.
“We’ve been working with the team, as an overseas agent, for the past five years. They are an excellent cultural fit with our business, and we are looking forward to working with them to develop the market further.”
Mr Todd founded Seabridge in 2011. Since then, the company has grown from one office in Brisbane to five locations across Australia and New Zealand. Most recently, in April 2020, Seabridge opened its Auckland office.
Mr Todd said: “There are a lot of synergies between the businesses, from our cultures to operational processes, and how client relationships are developed and served.
“Cardinal Global Logistics has also made a significant investment in technology. That’s something we have a great interest in, and it makes commercial sense to have a like-minded partner.”
Mr Todd said it would be “business as usual” for colleagues and clients following the investment, and he would be seeking further opportunities to develop the business.
“When we started, the business was initially geared around trade with the US. We have since developed significant trade globally over the past 10 years. China has become one of our key markets.”
In the six months to June 2021, Cardinal’s Asian business grew by 156%, compared with the same period last year.
Mr Hay said there was “huge potential” to develop the market further and said new offices were planned in Thailand and Malaysia this year.
Cardinal Maritime Group, which reported a turnover of £143 million to the end of 2020, is expected to become a £350-million business in 2021.
In the six months to the end of June, the business recorded record revenues of £193 million in a market where freight rates continue to remain high.
Cardinal is based in Manchester, UK and has 10 regional offices and 12 overseas offices.