A significant acquisition in the furniture logistics sector has been finalised. The deal follows the company's recent financial struggles, including insolvency and restructuring due to inflation, rising interest rates, and reduced customer demand.
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After gaining regulatory approvals, LGT Logistics has acquired Thortrans. LGT Logistics CEO Erik Jensen stated, 'I look forward to strengthening our furniture logistics services and developing Thortrans' kitchen service platform.' The acquisition aligns with LGT's strategy to become a leading partner in furniture logistics.
Thortrans' operations will now be run as an LGT subsidiary from Randers, Denmark. The deal includes approximately 80 Thortrans employees, with an additional 40 transitioning to an LGT subcontractor. Jensen expressed optimism about future growth, hoping the acquisition would increase staffing needs across both companies.
Thortrans was founded in 1972 and specialised in kitchen logistics alongside furniture handling and storage. It faced a challenging year before insolvency, with reduced demand compounding broader economic pressures. LGT, owned by NTG, signed the purchase agreement in late 2024.
The acquisition is expected to contribute DKK 120 million in revenue over the next 12 months. Thortrans' founders, Henrik and Lars Kristensen, will remain in leadership roles to support operations and customer relationships.
This acquisition is a significant step in LGT's growth ambitions, combining Thortrans' expertise with LGT's established logistics services to enhance their market position.
Source: www.wood-supply.dk