Indian group buys up Ecu –Line

ALAN PEAT
IN A year-long acquisition, the Indian forwarding operation Allcargo Global Logistics has acquired 100% of the shares of Ecuhold – the holding company of the Ecu-Line group. Last June, Allcargo and Ecuhold management bought out shareholders ABN Amro and GIMV. At that stage, management held two-thirds and Allcargo one-third of the shares. But in January this year, the Indian group upped its stake to 49.9% - then completed the takeover deal on June 20 with the acquisition for an undisclosed sum of the remaining 50.01% through the wholly-owned subsidiary, Allcargo Belgium. Meantime, to strengthen the new group, Shashi Shetty, owner and CEO of Allcargo Global Logistics, conducted a successful initial public offering (IPO) – which is expected to result in new investments in warehouses and also new offices in strategic locations. Raymond Van Achteren, founder of the Ecu-Line group of companies, together with his fellow shareholders, Marc Van Looveren and Kris De Witte, will maintain their current positions within the organisation. Ecu-Line operates as a non vessel-owning common carrier (NVOCC) with a core business in air, sea and road transportation – and a particular focus on groupage services.