Qube’s Dual Acquisitions Set to Boost Presence in NZ’s Container Logistics Market

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Qube Holdings (ASX: QUB) has made two significant business moves: securing a 50% stake in Pinnacle Corporation, a New Zealand-based shipping firm, and acquiring Kalari Proprietary, a specialised bulk logistics provider.

These two deals, valued at a combined $145 million, are part of Qube’s efforts to diversify its global presence and bolster its local operations.

Qube’s managing director, Paul Digney, expressed his enthusiasm for the transaction and its benefits to the company’s operations.

“I am very pleased that Qube has acquired a 50% share in this well-regarded and established player in New Zealand’s freight and logistics sector, with a high-performing and quality workforce,” Digney said.

“This joint venture is consistent with our strategy for growth and geographic diversification within Qube’s core strategic focus and builds on Qube’s existing port logistics presence throughout New Zealand under the ISO brand.”

Wellington-based Pinnacle Corporation provides container-related services to global customers, including storage, handling, refrigerated container maintenance, and transportation. It also owns and operates warehousing facilities in nine New Zealand locations under its wholly-owned brands, Specialised Group and MetroBox.

The acquisition of Pinnacle by Qube Holdings, with around 300 employees, is expected to expand its exposure in the New Zealand container logistics market.

Kalari Proprietary Limited, founded in 1976 and owned by Swire Investments (Australia) Ltd, specialises in bulk haulage for the Australian mining and resources industry.

According to Digney, the acquisition of Kalari offers synergies with Qube’s existing bulk mine-to-market operations and an opportunity to enhance Kalari’s services through Qube’s rail and port infrastructure.

“The combination of strengths from both companies will better serve customers, promote innovation and provide greater opportunities for future growth and expansion,” Pinnacle Corporation’s managing director Grant Tregurtha said.

It is incorporating Pinnacle Corporation and Kalari Proprietary into its portfolio places Qube in an advantageous position to provide more excellent customer value by improving its operational efficiency and expanding its capabilities.

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