With approximately 13.5 million deliveries per year, GSO is a leading provider of regional delivery services. The company operates mainly in California, as well as in Arizona, Nevada and New Mexico. This acquisition gives GLS a concentrated and targeted market position in this region.
GSO provides express delivery, ground delivery and freight services, primarily for business-to-business clients from various industries. The company operates a hub-and-spoke network of 36 hubs and has approximately 1,900 employees.
Rico Back, CEO GLS Group, stated: “The acquisition of GSO is in line with our strategy of prudent but targeted geographic expansion. GSO operates in an attractive regional market, representing the fifth largest economy in the world, and offers GLS the opportunity to grow within its existing activities.”
The USD 90 million (about EUR 80 million) GSO paid for 100 percent of the shares are financed through existing resources. The company is acquired without any liabilities or liquidity. GSO has achieved a turnover of USD 114 million in the last fiscal year ending on March 31, 2016.
GSO will be fully integrated in GLS, but will remain a separate entity. The company was founded in 1995 by CEO Dana Hyatt, who will continue to manage the business together with the current management team of GSO.
GLS, General Logistics Systems B.V., headquartered in Amsterdam, is providing reliable, high-quality parcel services for more than 220,000 customers in Europe and also offers express and logistics services. In the 2015/16 fiscal year GLS transported 431 million parcels and generated sales of EUR 2.2 billion.