Global investment firm KKR has completed the acquisition of Hitachi Transport System (HTS). KKR holds the shares of HTS through HTSK, a special purpose entity, and HTSK Holdings.
HTS will be renamed LOGISTEED from 1 April. The name combines logistics with Exceed, Proceed, Succeed, and Speed. In addition, from 1 April, HTSK Holdings and HTSK will change their names to LOGISTEED Holdings and LOGISTEED Group.
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KKR will work in strategic partnership with Hitachi, which owns 10% of the shares with voting rights in HTSK Holdings. KKR owns the remaining shares with voting rights.
HTSK acquired 100% of the shares with voting rights in HTS through a cash tender offer. This share consolidation took effect on 28 February, and a buyback on 1 March by HTS of the shares held by Hitachi.
HTS, which provides international ocean freight transportation services, manages cargo movements between third-party countries, from Less than Container Load and Full Container Load units of general cargo to ultra-large cargo.The company has focused on departures/arrivals in Japan and China, operating more than 40 routes.
LOGISTEED will operate in the third-party logistics business in Japan, providing supply chain solutions for customers who outsource their logistics functions. This includes logistics system integration, inventory and order control, logistics centre operations, and factory logistics, as well as transportation and delivery services.
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