Keyhole Enterprises firm Stevenson Logistics to swallow Coote Logistics
By Rob McKay | January 17, 2011
Engenco has all but sold its Coote Logistics port container haulage and storage business to Keyhole Enterprises for about $3 million.
Due diligence has been done and settlement is expected within days.
This will see all shares in FCD Container Logistics and The Fremantle Container Depot Unit Trust pass to the new owner.
Ongoing poor performance was the stated reason for the sale.
“Coote Logistics on its own lacks sufficient scale to be a meaningful and profitable operator,” Engenco Managing Director Vince De Santis says.
Engenco is the former Coote Industrial, which bought FCD Container Logistics, around which Coote Logistics was built, in June 2007.
Coote itself came under the control of Tasmanian businessman Dale Elphinstone through his Caterpillar dealership William Adams in mid 2010.
Family-owned holding company Keyhole Enterprises controls Stevenson Logistics, which, like FCD, provides trucking, quarantine inspection and fumigation, import and export container handling and logistics services in Western Australia.