DUBLIN-BASED FIRM JOHNSTON Logistics will be taken over by German industry giant Dachser after selling a majority stake for an undisclosed sum.
The local firm, which was founded in 1979 by brothers Albert and Ivan Johnston, has sold an 80% share to the multinational company, which has more than 27,000 staff worldwide.
Johnston Logistics has 150 staff working from its office in Rathcoole, Dublin, while it also has regional depots in Cork and Limerick and a network of 100 non-staff drivers. It specialises in storing and transporting hazardous products.
Last year, it turned over €24 million, while it had accumulated profits of more than €7.7 million in the year to late 2015, according to its most recent public accounts.
The two Johnston brothers each own half of the business, lining them both up for a substantial payday as part of what is understood to be a multimillion-euro deal.
Older brother Ivan, who turned 61 earlier this year, sold his entire 50% stake as part of the takeover, while Albert will retain 20% of the business.
In a statement, the company said Albert Johnston and the firm’s current management team would continue to lead the business, which will be rebranded as Dachser after the change.
Johnston said the acquisition “secures the future of our staff and the company for generations to come”.
“We are a strong and growing force in Ireland and with Dachser behind us we will develop and grow our business at a much faster rate with the benefit of Dachser’s global logistics network, resources and technology,” he said.
The business has been at the forefront of adopting new technology for the Irish transport trade, starting its shift towards paperless operations nearly two decades ago.
German-headquarterd Dachser has operations across all the world’s major markets, and last year it recorded global revenues of more than €5.7 billion.