The new deal will leave the current owners with a 30% ownership stake and they will remain an integral part of the business for the foreseeable future.
Wallenius Wilhelmsen Group President and CEO, Craig Jasienski said, “The future of logistics lies in combining digital services, physical assets and a deep understanding of logistics flows. With Syngin we boost our digital capabilities, setting us up to better support the changes we see in our customers’ needs for the future.”
Syngin currently operates in the US and Canadian markets providing automated logistics solutions for disposition of used vehicles via an electronic marketplace.
With this new acquisition, Wallenius Wilhelmsen now enters the into the Full Life Cycle Logistics market and a creates a solid platform from which to continue their growth.
COO of WW Solutions, Ray Fitzgerald said, “I am thrilled about the acquisition of Syngin. In late 2017 we announced an ambitious strategy to offer ’Full Life Cycle Logistics’ services and now six months in we have made our first acquisition in this space. The joint capabilities of WW Solutions and Syngin represent a unique opportunity for growth both before and after the vehicle’s first point of sale.”