Freightways pushes further into Australia with $81m acquisition of freight firm

Mark Troughear, chief executive Freightways. Photo / Freightways

Freightways is further expanding into Australia through the A$71 million ($81m) acquisition of a Victoria-based express parcel and freight business.

The NZX-listed freight group announced on Wednesday morning it would acquire VT Freight Express (VTFE) on or after January 30, subject to conditions being met.

VTFE differed from Freightways’ 2022
acquisition of the Australian business-to-consumer freight business Allied Express in that the Victorian operation offered business-to-business services to clients in the building, healthcare, retail, and plumbing sectors.

Freightways chief executive Mark Troughear said the freight group had been looking to further expand in the Australian market and, of some 40 businesses it looked at, VTFE was “probably one of the best quality ones that we found”.

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