Neptune Pacific Line has acquired Pacific Direct Line from its Singapore based parent holding company, Pacific International Lines.
This now makes Neptune the new owners of all of PDL’s regional and Fiji based companies, including notable entities such as Williams and Goslings, Transam, Transam Genera as well as container repair, sales and depot company – CRS.
The owners of Neptune Pacific Line are not exactly newcomers to Fiji, as they already own one of Fiji’s biggest export brands.
This acquisition represents one of the biggest corporate takeovers seen here in Fiji in recent times.
Sold for an undisclosed sum, this effectively means Fiji based subsidiaries such as Williams & Goslings – also one of Fiji’s biggest freight and logistics operators – is now owned by Neptune Pacific Line.
Neptune is part of the US 4 point 6 Billion Dollar ‘Wonderful Company’, founded by Stewart and Lynda Resnick, headquartered in Los Angeles, and also the same owners of FIJI Water, one of Fiji’s biggest exports.
This acquisition now makes Neptune one of the largest shipping companies in the region combining synergies across its shipping business, transport, warehousing, freight forwarding, depots, customs clearance services and a fully integrated customers’ supply chain right across 18 Pacific countries.
Also for the first time, this opens up trade access to 6 new North Pacific markets – Wallis & Futuna, Tuvalu, Kiribati, New Caledonia and Tahiti.
Neptune’s Managing Director Rolf Rasmussen says this purchase supports their long term vision of creating regional shipping synergies.
This acquisition now sees Neptune grow its specialized fleet to nine ships, dedicated to 18 Pacific countries, and a workforce of over 800 – half based here in Fiji.
Fijian Competition and Consumer Commission CEO Joel Abraham says given the importance of shipping to the economy, they have carried out a thorough assessment together with their Australian and New Zealand counterparts – as well as a peer review with UK’s Competition and Markets Authority – and are satisfied that competition concerns have been addressed.