Press release
As of October 1st, 2021, the Danish logistics operator FREJA Transport & Logistics A/S acquires 80% of the Norwegian company Thoresen Transport AS. FREJA is part of the international group United Shipping & Trading Company (USTC), and the acquisition strengthens the group's position as one of the leading companies in the Nordic transport market.
Thoresen Transport has had a positive development for many years and is recognized for its good customer service and high quality. In the current financial year, a turnover of a minimum of 135 million NOK is expected.
“We have been looking for the right partner for a long time, and when the opportunity arose to acquire the majority stake of Thoresen Transport, it was quite an easy decision. With the acquisition, we are now ready to deliver even better service to our customers through higher quality and a broader portfolio. There is no doubt that their customer segments fit perfectly into FREJA's Norwegian business”, says Ulrik Rasmussen, Group CEO of FREJA Transport & Logistics Holding A/S.
Thoresen Transport is a well-established transport and forwarding company in Larvik, which was founded in 1982 by the current owner and founder Lars Thoresen and his brother Knut Thoresen. The company currently has 25 well-qualified employees working with national and international transport, container transport, and customs/forwarding. Following the acquisition, Lars Thoresen will continue as head of Thoresen Transport, which will have its office, warehouse, and terminal facilities at the current central location at Larvik Harbor.
“Since we founded the company, it has been our ambition to create growth and expand our business areas. I am very proud and happy that Thoresen Transport from now on will be part of FREJA as we have collaborated for the past nine years in Vestfold, Buskerud, and Telemark. We have full confidence that the culture and the strong values that characterizes the company will continue, even with a new main shareholder”, says Lars Thoresen, the current owner of Thoresen Transport.
Focusing on growth going forward
FREJA Transport & Logistics looks forward to the new collaboration and emphasizes that the growth ambitions have not been reached with this acquisition:
“We are constantly looking for good, well-operated companies that share the same values as us and can help us meet our long-term goals. Therefore, this acquisition is a natural step towards developing FREJA and our growth strategy”, says Ulrik Rasmussen.
Lars Thoresen will continue to hold the remaining 20% of the shares in Thoresen Transport, and the company will keep the name Thoresen Transport AS.
The agreement is subject to approval by the relevant competition authorities. The transaction price will not be disclosed.