Jinadasa Group exits logistics industry with sale of Califolink
View(s):Califolink Logistics (CLL), the logistics arm of the Jinadasa Group, was recently acquired for an undisclosed sum by Ceyline Holdings. The integrated logistics company, which has a strong presence in Sri Lanka, has been an effective and reliable partner to many prominent local export businesses in the apparel, FMCG and automobile space over the past 10 years.
Over the years CLL diversified its business portfolio with the inclusion of mobile storage solutions through modified containers as well as venturing into the transportation solutions space with a fleet of 40 prime movers, trailers and with its team of experts the company provided logistical support to many industry giants, the company said in a media release on Tuesday.
Mevan Peiris, Director – Ceyline Group, said: “Califolink is a well-run business with operational strengths that complement our own and by acquiring it we further accelerate our growth and enhance our ability to compete on a global scale. Ultimately, it will strengthen our position of being a ‘one-stop-shop’ for all our customers’ logistical needs.”
Ceyline through this acquisition will integrate CLL into its existing operations thereby allowing them to offer their customers with cost effective innovative solutions.
Commenting on the sale Jinasena Director Gayan Gunawardana said: “After our initial meeting with the Ceyline Group it was clear to us that they had a definitive vision for CLL’s future and there existed many synergies between the organisations. From the inception our focus was to see how we can structure a divestment that would help realise the synergies that will take this business to the next level.”
Jinasena Director Dilanka Jinadasa added: “It was also the ideal time for us to exit the industry. Califolink had come a long way since its inception and in that time we had managed to grow shareholder value to a level that would yield a healthy return on investment for all involved,”.
Ceyline Holdings was established in 1985 with a vision to provide value-added shipping and management services to local and regional maritime clients. Over the span of three decades the company has grown to over 800 employees and today offers comprehensive shipping solutions that are cost-efficient and result-driven.
Califolink Logistics (Pvt) Ltd is a dynamic total logistics solutions provider that has a diverse business portfolio which encompasses local transport, clearance, warehousing, machinery rental, and container fabrication and renting.