Singapore Post Limited (SingPost) announced today (Oct 15) that it will be acquiring 96.3 percent of TradeGlobal Holdings, Inc from TradeGlobal Parent LLC, which is owned by the private equity firm, Bregal Sagemount for US$168.6 million (S$236 million).
TradeGlobal is a US-based eCommerce provider that offers fashion, beauty and lifestyle brands.
Following this acquisition, SingPost's clients in Asia Pacific can expand their businesses into the U.S. Likewise, TradeGlobal's clients will have access to the fast growing eCommerce landscape in Asia Pacific.
The founders of TradeGlobal, Dave Cook, Executive Chairman, and Dave Eckley, Chief Executive Officer, will also continue in their current positions as executives and shareholders.
As SingPost's and TradeGlobal's eCommerce platforms and warehouse networks are complementary, their clients can expect to leverage integrated technology and fulfilment capabilities. This combination creates a one-stop global solution.
"Our investment in TradeGlobal makes sense for us in many ways. Together with TradeGlobal, SingPost can establish stronger market leadership and have a larger talent pool to drive a global eCommerce strategy. We will also be looking at a larger and deeper footprint. Increasingly, we need to take a 'one world' approach towards eCommerce," said Lim Ho Kee, Chairman of SingPost.
"Full service eCommerce solutions have traditionally been geographically confined. This acquisition will offer a one-stop solution for brands to grow their businesses globally. Using localised capabilities in the two largest eCommerce markets, Asia Pacific and North America, brands will also be able to provide their customers with a seamless shopping experience. This acquisition strengthens our e-commerce logistics platform by enhancing our scalability and capabilities, for instance to handle major surges in traffic and transactions during peak shopping seasons," added Marcelo Wesseler, Chief Executive Officer, SingPost eCommerce.
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