International Forwarding Limited was established by Waterman and its co-investment partners as a vehicle to acquire a 20% stake in Gluck Pty Limited. Gluck was one of Australia's larger privately owned supply chain services companies employing over 150 people throughout Australasia.

As a result of a direct approach to majority shareholders in 2008 the Australian forwarding business Gluck was sold to Toll Holdings Limited resulting in an IRR of 26.5%.