MOVE TO ACQUIRE FLUIDEX TRANSPORT

Company Announcement
24 August 2022

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MOVE TO ACQUIRE FLUIDEX TRANSPORT
Transport and logistics group, MOVE Logistics Group Limited (NZX: MOV), has signed an agreement
to acquire the business and assets of Fluidex Transport, a leading bulk liquids and bulk dry powder
transport provider operating throughout New Zealand.
The acquisition complements MOVE’s existing fuel and bulk liquids logistics business and supports
MOVE’s strategy to further grow and enhance integrated supply chain solutions for targeted
customer sectors, including dangerous goods (DG) and food grade commodities, such as oils, wine
and dairy.
COO of MOVE’s Contract Logistics business, James Watters, said: "This is a compelling and
complimentary bolt-on acquisition which supports MOVE’s growth ambitions and enhances our
customer value proposition with our already significant DG bulk liquids experience. Fluidex has a
national presence, blue-chip clients and a modern fleet. These are long lead-time assets which
further strengthen our integrated solution and customer offer.”
Fluidex has recurring revenue in excess of $11 million, with growth potential. MOVE will also benefit
from significant cross-selling opportunities across the MOVE group.
Fluidex has bases in Auckland, Mount Maunganui, Blenheim, and Christchurch, and a fleet of prime
movers and truck and trailer combinations, including specialist chemical and food grade tankers and
ISO tanks.
The acquisition is for 100% of the business and assets and a freehold property in Blenheim. The
purchase price is approximately $15.2 million with initial consideration of $7 million payable at
settlement, which will be funded from existing bank facilities. A final payment of $8.2 million is
payable on 31 July 2024. The vendor may elect to take this payment in cash or MOVE shares (at the
prevailing market price of a MOVE share). The purchase price equates to the market value of the
assets being acquired according to valuations commissioned by MOVE. Settlement is expected to
take place on 31 October 2022.
The acquisition is conditional on MOVE completing its due diligence enquiries, the assignment of key
contracts to MOVE and no material adverse event occurring prior to settlement. In addition, the
vendor has a board and shareholder approval condition which is to be satisfied on or before 30
August 2022.
Owner of Fluidex, Tony Galbraith, who will support the transition to MOVE, said: “We pride
ourselves on reaching the highest industry safety and customer service standards and are dedicated
to using the latest technology to monitor and maintain performance. After 60 years fulfilling
transport services to the New Zealand industry, it's great to see Fluidex transitioning to a new owner
with a commitment to high quality bulk liquids logistics and customer service".
Fluidex by the numbers:
• $7m initial consideration, $8.2m in 24 months – equal to the market value of the assets
being purchased
• In business for over 60 years

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• Bases in Auckland, Mount Maunganui, Blenheim, and Christchurch
• Over 50 prime movers and 90 associated trailer combinations plus a fleet of ISO tanks
• Team of 35 people
• Recurring revenue in excess of $11m
• Business customers across New Zealand industry

ENDS
For further information, please contact:

Chris Dunphy
Executive Director
Phone: +61 417 888 930
Email: Chris@movelogistics.com
Lee Banks
Chief Financial Officer
Phone: +64 27 525 2876
Email: Lee.Banks@movelogistics.com

For media assistance, please contact: Jackie Ellis t: + 64 27 246 2505 e: jackie@ellisandco.co.nz

About MOVE Logistics Group Limited (MOV)
MOVE is one of the largest domestic freight and logistics businesses in New Zealand, with a
nationwide network of branches, depots and warehouses.