Express Logistics was one of a small number of large Independent freight forwarders in New Zealand.
At the time of investment international freight forwarding was growing at a faster rate than the broader economy and the sector was consolidating rapidly. Express was growing revenues at around 20% per annum and experiencing all of the challenges that such growth brings. It was nimble and had established a sophisticated ‘asset light’ model. Express was also the largest mover of non-perishables across the Tasman with particular expertise in moving large volumes of low value items for clothing New Zealand and Australian retailers.
Waterman identified an opportunity to work with the existing shareholders and management to add value in various ways including growth through acquisition and diversification of services.
During the period of Waterman's investment Express expanded from five branches to a network of 12 branches across Australia, NZ and the US. Group revenue doubled during this time.