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FOR IMMEDIATE RELEASE:
BG Strategic Advisors Announces the
Closing of the Purchase of Transoceanic by PWC Logistics
April 14, 2005 (CAMBRIDGE, MASSACHUSETTS) -
BG Strategic Advisors announced today that its client
PWC Logistics, the leading provider of end-to-end supply
chain solutions in the Middle East, and US-based Transoceanic
Shipping Co, a leading international freight forwarding
and logistics management company, has merged with Transoceanic.
Under the terms of the agreement, PWC will own all shares
of Transoceanic. BG Strategic Advisors acted as the
exclusive financial advisor to PWC Logistics in this
transaction.
This union forms one of the world's largest specialized
logistics management providers, with offices in twenty-eight
countries spread across the globe. Transoceanic will
gain access to the resources needed to continue its
rapid growth, including PWC's strong IT platform. Transoceanic
will also be able to leverage PWC's infrastructure in
the Middle East, Africa and Asia to offer its customers
an expanded range of supply chain services.
As the Middle East, Asia, and Africa continue their
tremendous growth surge in the oil and gas (both upstream
and downstream); industrial; and power verticals, the
combination of PWC Logistics and Transoceanic provides
the comprehensive logistics solutions these industries
need to keep pace with the rapidly changing market conditions.
With the skill set and the technical expertise of Transoceanic,
PWC will be able to better serve its customer base in
future projects.
"Transoceanic built its outstanding reputation
by focusing on execution and exceeding customer expectations,"
commented Tarek Sultan, Chairman of PWC Logistics. He
continued, "We look forward to working with them
and providing our combined customer base an expanded
service offering."
Gregory Rusovich, CEO of Transoceanic said, "We
are proud to join PWC, a clear market leader. This transaction
presents the entire Transoceanic team an opportunity
to grow the company to new heights." He continued,
"This transaction also provides our customers with
an enhanced global reach, scale and range of services."
To further these opportunities, PWC and Transoceanic
have already started identifying and pursuing cross-selling
opportunities in the Middle East. Going forward, there
is no doubt that both PWC and Transoceanic will be better
positioned to create a strong and successful world-class
logistics and distribution network, coupled with an
enhanced global presence.
About Transoceanic
Transoceanic is a leading international freight forwarding
and logistics management company, recognized throughout
the world for its specialization in the "project
freight" sector. With offices at strategic gateways
throughout the world, the company's comprehensive services,
systems, facilities and personnel support a team management
approach in responding to the logistics requirements
of such industry sectors as engineering, process construction,
civil construction, government services, energy services
and mining.
About PWC Logistics
PWC Logistics is a leading provider of supply chain
solutions to companies and governmental organizations
throughout the Middle East and Asia. Through its integrated
network of warehouse facilities and transportation services,
PWC provides its customers with flexible solutions tailored
to meet their business needs. PWC's customers span a
broad range of industries, including apparel; automotive;
construction; electronics; food and grocery; military
and government; and oil and gas. PWC is a publicly traded
company listed on the Kuwait Stock Exchange, ticker
symbol WARE, with a market capitalization value of approximately
US$8 billion.
About BG Strategic Advisors
BG Strategic Advisors (www.bgstrategicadvisors.com)
is a leading global investment banking and strategy
consulting firm focused on the supply chain sector.
The firm specializes in providing CEOs in the transportation,
warehousing and logistics industry with the tools to
maximize value. For more information, please contact
Managing Director Benjamin Gordon at (561) 207-7600
or Ben@BGstrategicadvisors.com.
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