TVS Logistics Services Ltd., popular Indian 3rd party logistics service provider, has announced acquisition of Rico Logistics, a Distribution and Inventory Management Company which has its headquartered in Slough, UK. The acquisition is expected to help TVS Logistics add key service capabilities such as ‘last mile rapid response’ and new service verticals such as I.T., Telecom and Medical that can further strengthen its services to its customers globally.
This is the third acquisition by TVS Logistics in UK after CJ Components and Multipart Holdings. These two companies are now functioning under one brand – TVS Supply Chain Solutions. The acquisition of Rico was done through the holding company (TVS Logistics, UK) which will not only retain the existing 450 employees at Rico but will also help expand its business and add new employment opportunities. TVS SCS also confirmed that Rico’s Managing Director Sanjive Sharma will continue to oversee his company. With this, the employees’ strength of TVS Logistics in Europe will exceed the 2000 mark (both direct and indirect) and will have a bigger market presence.
Speaking on the occasion Mr. R Dinesh, Managing Director, TVS Logistics Services Ltd., said, “The Rico acquisition helps us to add a number of new capabilities and allows us to offer new solutions to our existing and new customers in markets like India and other parts of Asia.”
Mr. S. Ravichandran, Executive Director, TVS Logistics Services Ltd., said, “There are multiple synergies within the business in Europe and in India which will allow us to scale up Rico business globally.”
Sanjive Sharma, Managing Director, Rico Logistics, said, “This gives Rico the tremendous potential of expanding its offering across Europe and the globe, with a major partner, who has both the credibility and financial standing in this highly exciting industry sector.”
TVS SCS initiated the acquisition to take advantage of Rico’s technology led rapid deployment network throughout the UK and in Europe and its service resources management capability, as well as its strategic warehousing and industry expertise. The combination of TVS SCS managed centralised inventory and Rico’s last mile rapid response means that customers will benefit from a comprehensive end-to-end solution for spare parts.