PWC Logistics has signed an agreement to take over Basel-based Cronat Transport Holding AG. The closing of this transaction is subject to government approvals.
Cronat, which trades under the 'Natural' brand, is focused on forwarding and logistics services in Switzerland and other European markets. The company will continue to be managed in Switzerland by existing management. There are no redundancies planned due to the transaction.
"Natural has a strong and historic presence in Switzerland and it fills out an important portion of our global network,' said Essa Al-Saleh, managing director corporate development of PWC Logistics.
This acquisition is also a business reunion between Natural and PWC Logistics' company GeoLogistics, which has a relationship with Cronat that stretches back to the 1920-ies.
'This is a groundbreaking development for the future of the Cronat Group,' said Peter E. Crowe, CEO of the Cronat Group. 'We're excited about becoming a part of the PWC Logistics organization and our markets are a perfect match.'
In addition, Peter E. Crowe said he sees 'significant growth opportunities for other activities, as well.'
'In PWC Logistics, we have found a committed shareholder who provides a long-term vision for Natural,' Peter E. Crowe said. 'For our part we look forward to incorporating our competency in freight forwarding and logistical services into the global network of PWC Logistics."
