AUCKLAND, NEW ZEALAND: Freightways has signed a conditional sale and purchase agreement and expects to take ownership of ProducePronto on 1 November 2021.
Purchase price is $10 million in addition to upto $4 million earnout payment.
ProducePronto will form a part of the Express Package Division.
ProducePronto operate a 4PL service with 365 day/year, same-day fresh and frozen delivery to convenience outlets nationally and businesses across Auckland.
ProducePronto has facilities in Auckland, Wellington and Christchurch and delivers with employees in tri-temperature-controlled vehicles.
“Their operations are complementary to express and temperature-controlled capabilities and provide a third horizon of growth building on successful acquisition of Big Chill in 2020.
“ProducePronto’s unique model provides rapid delivery of ambient, fresh and frozen items, and we expect to accelerate its growth by leveraging our existing network,” a statement said.
Like Freightways’ other businesses, ProducePronto have created a positive culture and offer high levels of service; they operate a quality logistics model, and they have strong relationships with their customers.