Czech cargo logistics giant changes hands
24 / 11 / 2011
MALTESE investment group Tuffieh Funds SICAV (TFS) has bought Czech transportation and logistics group CS Cargo.
CS Cargo had €217.3 million (US$288 million) in revenues in 2010, up 16 per cent year-on-year and EBITDA of €19.2 million, a rise of six per cent compared with 2009. The largest share in the growth of the company’s performances was in the sea and air freight-forwarding segment, the revenues of which rose by 62 per cent in 2010.
CS Cargo is now implementing a management team adjustment to be completed at the turn of 2012.
“Marek Lehe?ka and Petr Zv??inský were the masterminds behind the transformation of a local transporter into a leading logistics business extending far beyond the borders of the Czech Republic,” Jan Blaško, founding partner of TFS and new chairman of CS Cargo, said.